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FOS upholds 74% of Lloyds complaints

Lloyds Banking Group has emerged once again as the most complained about financial services group to the Financial Ombudsman Service.

Lloyds Bank, which was separated out from TSB in 2013, received the highest number of complaints against an individual business, with 24,245 complaints against it between 1 July and 31 December. A massive 74 per cent of complaints were upheld against the bank over the same period.

Of this, the FOS upheld 82 per cent of payment protection insurance complaints.

Overall Lloyds Banking Group had 46,375 complaints against it in the second half of last year,  representing about half the number of FOS complaints in the same period in 2013.

Barclays was the second most complained about business with 21,078 complaints, with 66 per cent upheld.

Bank of Scotland, HSBC and NatWest made up the top five complained about firms to the FOS, with upheld complaint rates of 51 per cent, 56 per cent and 44 per cent respectively.

The FOS received a total of 161,649 new cases between July and December, down from 248, 801 complaints over the same period the previous year.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. E L Wisty (an only twin) 24th February 2015 at 9:31 am

    In view of the size of these companies, it would be interesting to know what percentage of their relevant client base submits complaints – as this would be a far more meaningful and comparable statistic.

    At present, the regulator can ignore these inconvenient truths, citing that ‘it is understandable that banks will have more clients complaining than financial advisory practices’. However, it would be tricky to ignore any firm that had a substantial percentage of malcontent clients.

    Maybe this information is out there? It would be interesting to know.

  2. I think the FCA publishes how many complaints a firm receives compared to how many accounts they have.

    From the looks of this the big banks are still struggling with PPI complaints, but when you strip these out they everyday complaints dont seem quite so bad.

    Take the above stats for example, if the percentage of all complaints upheld was 74%, and PPI was in the 80s% that must be skewing the average quite a lot. It’d be interesting to see what they’re doing about now / future rather than historical (albeit major if these overturn rates are ‘still’ so high) issues that are promoted by the plague of PPI claims companies

  3. Interestingly they have a an uphold rate of under 30% for all complaints apart from PPI

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