Banks dominate complaints data

Published on

Retail banks dominate the complaints handling data for the first half of 2011, publishing by the FSA today.

Barclays, Santander and Lloyds TSB took the top three positions.

The total overall number of complaints increased by 3% to 1,852,284 in the first half of the year.

Complaints about ‘general insurance and pure protection’ increased by 18% to 848,357 and 560,892 of these were as a result of ‘advising selling and arranging’ causes. Overall, complaints about ‘advising, selling and arranging’ increased by 21% to 648,924.

Included in the ‘general insurance and pure protection’ figures, the total number of complaints about PPI increased by 23% to 531,667.

Complaints about ‘terms and disputed sums or charges’ continued to fall this half year and were the lowest since the first half of 2008 at 429,423.

The number of banking complaints were at their lowest level since the first half of 2008 at 812,197. This is a 10% decrease on the previous half year and is 22% down on a year ago.

The rise in complaints about PPI, combined with the legal case, resulted in the percentage of general insurance and pure protection complaints closed within eight weeks decreasing from 84% in 2010 H2 to 72% in 2011 H1, contributing to the fall in the total number of complaints closed within eight weeks.

The total number of closed complaints decreased by 9% to 1,562,287. This was mainly caused by the number of closed banking complaints which decreased by 15% to 834,145.

The FSA reported that the percentage upheld remained stable, increasing from 49% in 2010 H2 to 50% in 2011 H1.

The total amount of redress paid decreased by 11% from £459 million in 2010 H2 to £409m in 2011 H1. Within this, the decrease of 18% in redress paid for general insurance and pure protection will also have been affected by firms placing some of their PPI complaints on hold during the judicial review.

Kenn Taylor, director, financial services, at global advisory firm Navigant, said: “Whilst the numbers are important

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Advice firm wins first client through ChatGPT after AI visibility push

A financial advice firm secured its first client through ChatGPT within two weeks of...

Alps expands landlord insurance add-ons on Acturis

Alps has made its full range of let property insurance add-ons available through the...

Lifetime ISAs linked to £67.5bn of first-time buyer property purchases

Lifetime ISAs have helped more than 417,000 people buy their first home since the...

Landbay webinar to examine outlook for rates and UK economy

Landbay is to host an economic webinar examining the outlook for interest rates, inflation...

Cost of living hits homeownership plans for more than half of young Scots

More than half of younger adults in Scotland say cost-of-living pressures are the biggest...

Latest publication

Other news

Advice firm wins first client through ChatGPT after AI visibility push

A financial advice firm secured its first client through ChatGPT within two weeks of...

Alps expands landlord insurance add-ons on Acturis

Alps has made its full range of let property insurance add-ons available through the...

Lifetime ISAs linked to £67.5bn of first-time buyer property purchases

Lifetime ISAs have helped more than 417,000 people buy their first home since the...