Regulator receives most complaints about Barclays

| February 29, 2012 | 0 Comments
Regulator receives most complaints about Barclays

The Financial Ombudsman Service (FOS) received more complaints about Barclays than any other single UK bank in the second half of 2011, but Lloyds topped the list of most complained about banking groups.

The FOS received a total of 11,524 complaints about Barclays between 1 July and 31 December - 6,975 were about the mis-selling of Payment Protection Insurance (PPI) and 3,474 were about banking and credit.

The FOS ruled in favour of the customer in 84% of the 11,524 complaints made about the bank.

The regulator received 20,310 complaints about Lloyds Banking Group, which includes Lloyd TSB, Halifax, Bank of Scotland, C&G and Birmingham Midshires, while there were 12,273 complaints about Barclay’s group.

However Lloyds Banking Group has 30 million retail customers, significantly more than rival banks.

Lloyds chief executive, António Horta-Osório, said: “I am pleased with the significant achievements we have made in reducing complaints in 2011.

“However, we need to keep improving and so we have set a new target for 2012 when we will aim to have no more than 1.3 complaints per 1,000 accounts.”

A total of 106,193 new complaints were made to the FOS, compared with 150,000 in the 2011 first half, and 46,700 of these concerned PPI.

On average the FOS received 580 complaints each day from customers who are dissatisfied with their banks, an increase of 41 per cent from 2010.

In related news, Barclays has promised to comply with the government’s decision to close two tax loopholes it exploited.

The law has been changed retrospectively to close the loopholes, which could have allowed Barclays to avoid paying around £500m in tax, according to The Treasury’s estimate.

However Barclays disagrees with this estimate and claims the figure is nearer £200m.

Tags: , complaints about banks, , , tax avoidance, tax loophole

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