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Barclays tops FSA complaints list

Barclays tops FSA complaints list

Category: Banking

Updated: 14/12/2012
First Published: 28/09/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Barclays was the most complained about banking brand in the UK during the first six months of 2011.

The Financial Services Authority releases figures every six months showing how many complaints have been made to financial institutions and services by customers.

Barclays had the undesirable position at the top of the complaints table for UK banks, as its customers made more than a quarter of a million (251,563) complaints in the first six months of the year.

Of the total complaints made, more than half (53%) were settled in favour of customers.

The bank replaced Lloyds as the most complained about company during the period.

However, Lloyds was still the subject of 181,907 complaints over the same period, making it the second most complained about bank.

Santander and NatWest were also the subject of significant customer gripes, with 168,888 and 147,109 complaints made respectively.

Figures also showed that of the major banks, Santander was most likely to resolve a case within an eight-week window.

The next fastest banks were HSBC (90% of cases within an eight week period), Barclays (89%) and 86% at NatWest.

By contrast, 77% of cases were resolved within eight weeks at Royal Bank of Scotland and less than three quarters (74%) at Lloyds.

Unsurprisingly, more than half of complaints made about banks focussed on the issue of Payment Protection Insurance (PPI).

In fact, of the 812,197 complaints about banks, more than half a million (531,667) were made by customers affected by PPI. The UK banks lost their challenge

to stop customers from claiming back their PPI premiums in April, and now face shelling out billions of pounds in repayments.

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