Financial complaints to FOS rise in first half

| September 14, 2010 | 0 Comments

The Financial Ombudsman Service (FOS) has today said complaints rose in the first half of 2010.

According to the FOS, it received 84,212 new complaints between 1 January and 30 June 2010 – with more than half of these about the top five banks.

Lloyds Banking Group, which is 43% owned by the taxpayer, was at the top of the list with more than 12,000 new complaints.

Barclays was next on this list with just over 9,000 complaints, followed by the Royal Bank of Scotland, which is 83% owned by the taxpayer, which had 6,469 complaints.

However, Lloyds defended its figure and said: “With over 30 million customers, the group has the largest customer base in the UK.

“The vast majority of our customers are happy with the service we provide and this is reflected in the low number of complaints we receive relative to the high number of accounts our customers hold,” added the bank.

Meanwhile, in the six-month period, the FOS upheld almost half of complaints in favour of the consumer - compared with just over half in the previous six-month period.

However, with many complaints about unauthorised overdraft charges being ruled out, fewer resolved cases ended with compensation for customers.

The FOS deals with complaints from people who are dissatisfied with the way financial institutions have dealt with their problems in the first case.

The FOS reiterated that its policy of naming and shaming appeared to be changing the way firms dealt with complaints.

Finally, the FOS said it received a high level of complaints about credit card firms, receiving 1,976 and 1,662 complaints about MBNA and Capital One, respectively.

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