Member Article

Barclays ‘most complained about bank’ say FSA

Barclays Bank received more complaints about its serviced than any other banking brand in the UK, according to new figures.

The FSA Figures show that the bank received 251,563 complaints, of which 53 percent were upheld in the customers’ favour.

The BBC also report that Lloyds TSB, Santander and Natwest were also high up on the list, although Santander was the most likely to deal with a problem within 8 weeks.

Most complains were made in relation to payment protection insurance, which was means to cover borrowers’ loan repayments if they fall ill, die or were made redundant.

However, the insurance was mis-sold to thousands of individuals, creating a compensation bill of billions for the banks.

Two thirds of all complains in the six months to the end of June were in regards to payment protection insurance.

When all of the Lloyds Banking Group figures were added together, it had the largest complaints figure. the Group also saw the largest number of complaints come before the Financial Ombudsman Service

This was posted in Bdaily's Members' News section by Ruth Mitchell .