Barclays Complaints Highest in 2014
Barclays bank is the most complained about bank of 2014 according to official figures from the Financial Conduct Authority (FCA).
This comes in what hasn’t been a great week for the bank as it was revealed that Barclays was the most-fined financial institution in Britain after recently paying a whopping £38m fine for failings over the protection of their client’s assets.
It was revealed in the official figures released by the FCA that they received just short of 280,000 complaints in the first half of this year and the vast majority of these complaints came about payment protection insurance.
Bank Account Complaints
Both Barclays and Santander received the most complaints about their current accounts from customers in the first half of this year from January to June. These were the second most complained about product as they saw a 3% rise compared to the last half pf last year.
The Spanish bank, Santander weighed in with the most complaints, 91,158 about their banking services in the first half of the year and hot on their heels was Barclays with a grand total of 88,792 complaints.
Both of these banks were way out in front of some of their biggest competitors when it came to the amount of complaints. HSBC were the next closest bank having received 65,865 complaints and it was NatWest with 62,175 and Lloyds on 42,245 who brought up the rear.
These banks all offer a paid for bank account and with the estimated 10 million of these accounts active today, and the number of complaints about these accounts now hitting 400 a day, it’s estimated that 146,000 complaints will be made about packaged bank accounts by the end of the year. That’s a staggering increase of 870%.
The Most Complained About
Coming as no great surprise is the fact that PPI remained the most complained about product in the first half of this year. The amount of complaints according to the FCA, were down by 11% compared to the last half of last year.
The figures though, show that there have been a total of 2,493,729 complaints about all financial firms in the period from the start of the year to June. Payment protection insurance is a financial product that has been widely mis-sold by all of the big banks and numerous lenders in the UK.
If you’re unsure whether you may or may not have been sold PPI by a bank or lender, check out our comprehensive list of the main culprits when it came to mis-selling. Here’s where you can find out who sold PPI.
If you know that you’ve been mis-sold PPI and you would like to start a claim today, fill in our online form and we’ll send out a claim pack to you complete with a pre-paid envelope so you can fill in all the documents and send them right back to us so that we can start the ball rolling with your complaint.