The latest complaints data published by the Financial Conduct Authority (FCA) shows overall complaints decreased by 5 per cent from the 2,493,729 complaints received in the previous six months.
The top five most complained about firms, in terms of the number of complaints received in the first half of 2014, were:
- Barclays Bank Plc – 278,426 (down 10 per cent since the second half of 2013)
- Bank of Scotland Plc – 265,640 (up 46 per cent since the second half of 2013)
- Lloyds Bank Plc – 264,115 (up 3 per cent since the second half of 2013)
- National Westminster Bank Plc – 140,342 (down 20 per cent since the second half of 2013)
- Santander UK Plc – 135,611 (down 13 per cent since the second half of 2013)
The FCA’s director of policy, risk and research, Christopher Woolard, says:
“It’s important that firms now get on top of the issues that are driving complaints. Although it’s encouraging to see the total number of complaints fall, there is clearly further work to be done to ensure that consumer interests come first.’
The top five most complained about products and services in the first half of 2014 were:
- Payment protection insurance – 1,236,899 complaints (down 11 per cent, compared to the previous 6 months)
- Current accounts –319,505 complaints (up 3 per cent, compared to the previous 6 months)
- Other general insurance – 318,502complaints (down 1 per cent, compared to the previous 6 months)
- Credit cards –127,708 complaints (down 10 per cent, compared to the previous 6 months)
- Savings, including cash ISAs, and other banking – 89,767 complaints (up 4 per cent, compared to the previous 6 months)
Payment Protection Insurance remains the most complained about product, with 1,236,899 complaints. This accounted for 52 per cent of all complaints and 78 per cent of complaints about general insurance and pure protection products.
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