Barclays, Lloyds and Santander are the three most complained about banks, with PPI cited as the major source of objection
Barclays is the most complained about bank inBritain, with aggrieved customers lodging more than a quarter of a million complaints against the firm in the first half of 2011.
The bank had 251,563 complaints made against it between January and June, of which it upheld 53%, according to figures released by the Financial Services Authority (FSA).
Lloyds TSB racked up the second highest number of complaints at 181,907. This was an additional 6,000 complaints on the bank’s previous six-month total and pushed it aboveSantander, which had taken second slot in the last six months of 2010 but has now moved into third place with 168,888 complaints.
A Lloyds TSB spokeswoman said: “The complaints figures include those made about payment protection insurance (PPI). If you take those out our banking complaints have gone down compared with the second half of 2010.”
PPI continues to be a major source of bank complaints, with the total number received increasing by 23% in the first half of 2011 compared to the second half of 2010.
PPI is supposed to cover borrowers’ loan repayments if they fall ill, die or lose their jobs, but the product is often riddled with loopholes to prevent people from receiving payouts – leading to a huge number of mis-selling cases. Last month, the FSA published data showing that 16 firms, representing 92% of PPI complaints received in the first half of 2011, paid a total of £215m in redress between January and June 2011 inclusive.
Overall, the number of complaints made to financial firms increased by 3% in 2011 from the last half of 2010, although those made about banking have fallen 22% in a year.
Santanderwas the quickest at resolving complaints with 98% of grievances dealt with within eight weeks. This compares with 89% by Barclays and 77% by Lloyds TSB.
Sally Bowyer, Managing Director of Brunel Franklin said, “BrunelFranklin.com has helped thousands of people who have been victims of PPI mis-selling. If you have grounds for a refund, it will be pursued by our dedicated staff, experienced in the complexities involved to give you the very best chance of securing the maximum payout.”
Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.