Hate Your Bank? You are Not Alone. FCA Publishes Updated Complaints Data on Financial Institutions

Sleep Out Done Collapse UnconciousThe Financial Conduct Authority (FCA) has published its most recent data on complaints filed against financial institutions. While the top line number dropped, removing the  Payment Protection Insurance (PPI) category saw the overall number jump by 11.6% versus the same period year prior. The increase was mainly due to a 21.8% rise in the number of complaints relating to the group of products containing banking and credit cards over the six-month period ending in June.

Overall financial firms registered over 2.1 million complaints between January and June of 2015. While no plaques were distributed, the FCA requires firms which receive 500 or more complaints in a six-month period to publish the information on their websites.

The FCA’s director of strategy and competition, Christopher Woolard, commented on the report;

“While the ongoing fall in PPI complaints is welcome, this is the second half-year running that we have seen complaints about banking products rise. It is clear that firms need to look at the causes for this rise and where necessary take action to address the causes of the trend. Ensuring good consumer outcomes should be at the heart of firms’ activities and we want to see complaints fall in the future as firms seek to ensure that consumers get the right products and services.”

If you have something you would like to get off your chest regarding a financial firm, you may visit the FCA here and they explain how to share your experience.


 

The top 5 banks on the ignominious list:

  • Barclays Bank Plc – 283,221 (an increase of 2.4% since 2014 H2)
  • Lloyds Bank Plc – 232,971 (a decrease of 4.0% since 2014 H2)
  • Bank of Scotland Plc – 190,121 (a decrease of 18.0% since 2014 H2)
  • National Westminster Bank Plc – 144,741 (an increase of 14.4% since 2014 H2)
  • HSBC Bank Plc – 140,244 (a decrease of 7.8% since 2014 H2)

Complaints about Banking and credit cards:

  • Barclays Bank Plc – 140,574
  • National Westminster Bank Plc – 95,994
  • Lloyds Bank Plc – 85,504
  • Santander UK Plc – 80,566
  • HSBC Bank Plc – 72,356

Complaints on Home finance (mortgages and equity release products)

  • Bank of Scotland Plc – 8,811
  • Santander UK Plc – 8,517
  • NRAM Plc – 6,015
  • HSBC Bank Plc – 5,998
  • Barclays Bank Plc – 5,774

General insurance and pure protection (including payment protection insurance)

  • Lloyds Bank Plc – 145,673
  • Barclays Bank Plc – 133,371
  • Bank of Scotland Plc – 125,647
  • MBNA Limited – 83,129
  • HSBC Bank Plc – 57,347

 

 

The top five most complained about products and services:

  • Payment protection insurance – 883,043 complaints (down 16.6% compared to the previous 6 months)
  • Current accounts –506,326 complaints (up 31.2% compared to the previous 6 months)
  • Other general insurance – 304,919 complaints (down 4.3% compared to the previous 6 months)
  • Credit cards –121,615 complaints (up 11.1% compared to the previous 6 months)
  • Savings, including cash ISAs, and other banking –  78,981 complaints (down 6.4% compared to the previous 6 months)
  • Although we do not currently publish the number of complaints by number of customers or number of accounts – to put their figures into context in relation to the size of their business – we recommend that firms do so on their own websites. Our downloadable table provides a link to each firm’s website where you can find this additional information.

Complaints on Investments:

  • Santander UK Plc – 4,375
  • HSBC Bank Plc – 2,932
  • Barclays Bank Plc – 2,759
  • Halifax Share Dealing Limited – 1,724
  • Equiniti Financial Services Limited – 1,626

Complaints on Decumulation, Life and Pensions:

  • The Prudential Assurance Company Limited – 8,827
  • Friends Life Limited  – 7,013
  • The Royal London Mutual Insurance Society Limited – 5,688
  • Aviva Life Services UK Limited – 4,342
  • Scottish Widows Plc – 4,110

 

 

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