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Barclays tops FCA complaints data again

Barclays has been named as the most complained about financial services firm between January and June, and upheld 62 per cent against it over the same period.

The bank was also the most complained about firm in the second half of last year, with an uphold rate of 44 per cent.

Data published by the FCA today show Barclays received 370,733 new complaints in the first half of 2013, down 12 per cent from 414,302 on the previous six months.

Overall there were 2.9 million complaints made between January and June, a fall of 17 per cent from 3.4 million between July and December.

The figures relate to firms who have reported over 500 new complaints within a six month period.

The Financial Ombudsman Service publishes separate data about the complaints it receives where the initial complaint has been rejected by the business.

Lloyds TSB was the second most complained about financial services firm with 253,735 complaints, a fall of 38 per cent from 349,386 in the previous six months. The bank upheld 62 per cent of complaints against it over the same period.

MBNA, Lloyds subsidiary Bank of Scotland, and Santander made up the top five most complained about firms, with uphold rates of 36 per cent, 45 per cent and 43 per cent respectively.

Complaints about missold payment protection accounted for 1.8 million, or 61 per cent, of new complaints.

PPI accounted for £2.4bn of the total £2.55bn paid out in redress to customers in the first half of 2013.

Investment complaints accounted for £54m of redress, while banking complaints represented £52m of redress.

Lloyds TSB received the most investment complaints between January and June, a total of 3,092 and up 54 per cent from 2,009 in the second half of last year.

FCA chief executive Martin Wheatley says: “We expect firms to put their customers at the heart of their business – an important part of this is the way they handle customer complaints.

“Publishing complaints data is a powerful tool that helps encourage competition between firms to improve their service to customers, and helps consumers assess their relationships with banks and other providers.”

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. No wonder Hector is stressed out!

  2. because of their bikes?

  3. Handling complaints can be very stressful…… especially when you have no recourse to the law as FSMA 2000 failed to carry over mention of the 15 year longstop from the PIA rulebook. Pity that ever since then all regulators have refused to discuss the longstop issue and resort to threats if you try to reach agreement on consumer rights to balance with responsibilities. They even had the gall to write a paper http://www.fsa.gov.uk/pubs/discussion/fs09_02.pdf called “Consumer responsibility” and then say that timebars and longstops are “out of scope”. How can you have a paper which title has the main issue excluded? And they wonder why people end up stressed!!!!!

  4. FSMA did not need to make mention of the longstop provision because it is enshrined in law via the Limitation Act and we know that the FSA could not override statute because David Kenmir said so.

    So……..

  5. Oh Phil – you’re not teasing Great Big Stessed Old Hector are you?

  6. If the data is not in the public domain, i.e. newspapers, I fail to see how it will influence the behaviour of banks.

  7. Bearing in mind Martin Wheatley’s statement that the Banks’ complaints handling is ‘outrageous’ and ‘unacceptable’, it seems reasonable to assume that poor Mr Sants is having to face a sustained assault from the FCA, the like of which he never dreamed when he accepted the job of Barclays’ head of compliance. Is it any wonder the poor fellow’s stressed out (and that most of us consider this to be his just desserts after what he’s inflicted on us)?

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