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Lloyds tops FOS list with over 20,000 complaints

The number of new complaints received by the Financial Omb-udsman Service against the big banking groups has increased significantly.

The figures, published this week, show new cases received in the last six months, with Lloyds Banking Group leading the way, followed by Barclays and Royal Bank of Scotland.

Lloyds got 20,190 complaints across all its brands while Barclays got 10,892 and RBS 7,098 complaints. About 700 new Barclays Bank complaints related to investments, the highest number of investment complaints received by any institution.

Last April, Money Marketing revealed adviser concerns about Barclays’ advisers putting large amounts of client savings into a single fund.

The figures show a big inc-rease compared with the previous six months, where Lloyds saw 15,233 complaints, Barclays 8,802 and RBS 5,883.

The publication of the new figures has renewed criticism of the methodology behind the data, with the ABI calling for the data to take account of the amount of business transacted.

Abbey had 4,918 complaints in the last six months, HSBC 3,881, Citibank 1,844 , credit card provider MBNA had 2,185 and Capital One 1,609. There were 1,349 complaints about Nationwide Building Society while Sesame, St James’s Place and Openwork are the only distributors on the list with 98, 43 and 45 complaints respectively.

There were 1,411 complaints about Aviva brands while Axa saw 847 and Legal & General a total of 736.

The FOS has also published data on the results of cases it resolved in terms of individual brands.

Barclays Bank had 65 per cent of cases resolved in favour of the customer, Lloyds TSB Bank had 51 per cent in favour of the customer and Natwest saw 48 per cent. Sesame had 52 per cent of claims resolved in favour of the customer, SJP had 53 per cent and Openwork had 37 per cent. PPI providers saw much higher percentages of cases resolved in favour of the customer.

MBNA saw 85 per cent of complaints settled in favour of the customer. This rose to 99 per cent for its general insurance complaints.

ABI director of consumer strategy Maggie Craig says: “It is important for consumers to have clear and meaningful information about the performance of companies who manage their insurances and investments.”

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Comments

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

  1. The figures are missing a few noughts, there are those who complained yet faield to go to FOS and there are many more who feel unable to claim through fear of losing a ‘facility’ whether they be private or business customers.

    The regulator should insist upon a sampling of the customer base to see what proportion of bank customers feel they are being treated fairly rather than accepting the ‘systems and controls’ in place when they are only a pile of papers after all and the regulators never check on the sales processes of banks and insurers. This begs the question as to why intermediaries pay disproportionately more of the regulator’s costs and attract the lion’s share of its attention!

  2. Nationwide decided the rates offered on fixed rate bonds fell after my sending but presumably before they processed my application to reinvest. They say they have no control over the rates they pay when offering such merchandise. I do not believe this. Can anyone tell me what the rates are that they have no control over so I can find out for myself how transparent they are?

  3. not a suprise, such piss poor service and not much better products

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