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Barclays tops FCA's complaints list
by Alex Steger on Oct 16, 2013 at 10:18
Barclays Bank has topped the Financial Conduct Authority’s (FCA) list of the most complained about financial firms for the first half of 2013.
Barclays racked up 370,733 complaints of which 62% where upheld by the bank. Despite Barclays’ complaints falling by 11% from the last six months of 2012 it beat Lloyds Banking Group which came second with 253,735 complaints of which 62% were upheld.
MBNA came in third with 237,103 complaints of which 36% were upheld, with Bank of Scotland fourth with 222,249 complaints (45% upheld) and Santander fifth with 198,736 (43% upheld).
Overall complaints against financial firms fell by 500,000 with 2.9 million made in the first half of 2013 compared to 3.4 million in the last six months of 2012.
Lloyds saw a 27% fall in complaints, MBNA 12%, Bank of Scotland 34% and Santander 16%.
The FCA found 51% of the complaints reported in the first half of 2013 were upheld, with £2.6 billion of redress paid to consumers.
FCA chief executive Martin Wheatley said: ‘Publishing complaints data is a powerful tool that helps encourage competition between firms to improve their service to customers, and help consumers assess their relationships with banks and other providers.’
The most complained about financial product was unsurprisingly payment protection insurance which attracted 1.7 million complaints. The next most complained about products were general insurance (313,860), current accounts (280,711), credit cards (164,134) and savings products, including cash ISAs, (97,733).
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