Barclays customers are still the biggest moaners in the financial services sector – logging 309,494 complaints in the second half of last year – according to new figures released by the Financial Conduct Authority.
The watchdog’s first consumer credit report, since it took over from the Office of Fair Trading (OFT) April 1, shows Barclays is way out in front, with Lloyds second on 256,656 complaints, and MBNA third with 213,311 gripes. Bank of Scotland (on 181,353) and NatWest (with 175,731) make up the top five.
Overall, however, the regulator said the number of new complaints against financial services firms between July and December 2013 fell by 15% to 2,479,029, from the 2,911,154 complaints reported in the previous six months.
“No firm wants to top this particular list and they all should be striving to ensure that customers are being treated fairly and not given cause to complain,” said Martin Wheatley, FCA chief executive. “This is an indication that firms seem to be putting customers at the heart of their business, however, there is clearly more for us all to do to show consumers their interests come first.”
The FCA said payment protection insurance (PPI) accounted for the largest portion of complaints with 1,390,756, representing 56% of all complaints, while general insurance products came in second with 321,812.
The total amount of redress paid in the second half of 2013 was £2.65bn (€3.2bn, $4.4bn), an increase from £2.55bn in the first half of the year.
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