The Financial Conduct Authority (FCA) is a body which is charged with regulating the financial services industry in the UK, their aim is to “protect consumers, ensure our industry remains stable and promote healthy competition between financial services providers”.
As part of this role they log complaints made against banks, building societies and lending institutions in the UK. In an effort to ensure that the credit industry is as transparent as possible they publish these complaints figures twice per year, the first publication covering complaints made between January and June and the second publication covering the period of July to December.
They have recently published the figures for complaints for the period between January and June 2014. These figures publish the number of complaints received by any institution regulated by the FCA who received more than 500 complaints in the time period.
The data outlines the number of complaints received in relation to different products:
– Decumulation, life and pensions
– General Insurance and Pure Protection
– Home Finance
The published figures show a record of over 2,270,000 complaints and that the top three most complained about institutions were:
– Barclays Bank PLC who received 278,426 complaints (a decrease of 11.16% from July to December 2013)
– Bank of Scotland PLC who received 265,640 complaints (an increase of 31.73% from July to December 2013)
– Lloyds Bank PLC who received 264,115 complaints (an increase of 2.82% from July to December 2013)
The above figures relate to all complaints on different products brought against these lenders. Barclays Bank were also the most complained about firm for the period of July to December 2013, although, as above the number of complaints received by Barclays reduced by 11.16% from the last figures published.
The largest number of complaints received for any individual category, over 1,520,000, were general insurance and pure protection, this area includes PPI complaints.
While Bank of Scotland received a large upturn in the overall number of complaints they also received the largest number of complains in relation to Home Finance, 16,204, a rise of 6.97% from the previous figures. Following a recent judgment handed down by the High Court in Belfast in relation to some Bank of Scotland mortgages, wherein the court held that one of the banks procedures for calculating arrears figures was negatively effecting borrowers, we await the next publication to see if this effects these figures for the second half of 2014.
Should you have any queries in relation to these figures or in relation to complaining about a financial product or have any queries regarding the content or topics raised in this article please visit our litigation department or contact us at email@example.com.