Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a700418
Lloyds tops FOS complaints list as claims hit record high
by Sarah Miloudi on Sep 03, 2013 at 07:47
Lloyds has topped the Financial Ombudsman Service (FOS) complaints list.
Complaints to the ombudsman also hit a new record, and according to the latest FOS data 327,035 claims were submitted between 1 January and 30 June.
The FOS said that overall, complaints from consumers had risen by 15% over the past six months and more than 95% of the claims received had come from 195 financial businesses, although the FOS covers more than 100,000 institutions and lenders.
Unsurprisingly, payment protection insurance (PPI) complaints accounted for the bulk of claims submitted to the FOS, with more than eight out of 10 linked to PPI over the first half of the year after 266,228 new PPI complaints emerged.
Natalie Ceeney, chief executive and chief ombudsman, said: 'Disappointingly we are still seeing cases where businesses are not following our long-standing approach to PPI, resulting in long waits and unnecessary delays for consumers.'
Ceeney added that more positively, the FOS was also seeing 'encouraging signs' from some of the major players who were starting to recognise the value of getting things right for customers.
Ceeney said there had been a clear, increased focus on sorting out problems and concerns as quickly as possible, while Lloyds said stripping out PPI complaints meant volumes for the group were down 11%, though it acknowledged PPI claims were still higher than it would have liked.
Barclays' Paul Maddox, managing director of customer service, said the bank had made significant progress in driving its complaint numbers down, though he too said more work was needed to improve customer satisfaction.
He said:'Our referrals to the FOS about banking and mortgages have reduced 10% and 17% respectively.
'Despite this progress we remain completely dissatisfied with our volumes and overturn rates which remain too high. We recognise that in the past we didn’t always listen closely enough to the FOS’ concerns and react as well or as swiftly as we should have. We have therefore changed our approach and are now working very closely with the FOS as we constantly review our policies and practices to prevent customers from feeling the need to refer in the first place.'
News sponsored by:
Today's top headlines
More about this:
Look up the shares
On the road
by Robert St George on Dec 05, 2013 at 11:25