Barclays received the most complaints from UK banking customers in the first half of 2014, while overall complaints decreased, new figures have revealed.
Statistics released on Thursday by the Financial Conduct Authority (FCA) show that complaints fell by 5%, down to 2,358,732 from the 2,493,729 received in the previous six months.
While Barclays complaints also fell by 10% from the same period, the bank still topped the complaints table, with more than 278,000 complaints.
Bank of Scotland shot up the rankings after their complaints increased by 46%, racking up more than 265,000. Lloyds sit in third, with 264,000.
Overall, the figures show that most complaints continue to be about payment protection insurance (PPI), which was widely mis-sold in a major scandal that still tarnishes the image of high street banks. Some 1.2 million customers issued complaints about PPI in the first half of 2014.
In second were current accounts, which caused customers to lodge almost 320,000 complaints.
“It’s important that firms now get on top of the issues that are driving complaints,” said the FCA’s director of policy, risk and research, Christopher Woolard.
“Although it’s encouraging to see the total number of complaints fall, there is clearly further work to be done to ensure that consumer interests come first.”
The announcement comes just days after the FCA dealt Barclays another blow. Earlier this week, Barclays was issued a record fine of £37.5 million for failing to adequately protect £16.5 billion of client assets.
An investigation had revealed that the bank’s internal systems were not robust enough to provide adequate protection for their clients’ money, in the event the bank became insolvent.
Barclays fined £37.5m by City regulator
2.5 million PPI claims reopened following FCA inquiry
Lloyds half-year profits slashed by PPI and Libor rate fines
Banking standards body to restore battered reputation
Ombudsman service reveals ‘unprecedented’ year of financial disputes
Like our Facebook Page
How Cities In Canada Are Addressing Climate Change
10 Tax Incentives for Businesses That are Lowering their Carbon Footprint
How to Manage Anxieties About Climate Change
Green Brands Must Understand Their Customers to Market Wisely
Key Necessities for Starting an Eco-Friendly Freelance Business
6 Ways To Overcome Cash Flow Challenges as a Green Business
Going Cashless Lowers Our Carbon Footprint and Has Other Pros and Cons
How to Be as Eco-Friendly as Possible on a Trip to New York
Why Brazed Plate Heat Exchangers Are Eco-Friendly
6 Steps For Making Crypto & Blockchain Eco-Friendly
How To Use Solar Power Sustainably At Home
Building a Career in Green Construction: Tips and Insights
Solar-Powered Security Systems: Protecting Your Home and the Environment
Top 5 Benefits of Workplace Sustainability
The Role of Smart Technology in Managing EV Charging Stations
4 USA Vacation Destinations for an Eco-Friendly Trip
Why Internet Faxing Is A Sustainable Business Move
5 Ways Eco-Friendly Employers Can Boost Efficiency
6 Wastewater Management Tips to Reduce Water Pollution
What to Look for When Choosing an Eco-Friendly Locksmith
- Environment3 months ago
6 Home Improvements You Can Make to Help the Environment
- Environment10 months ago
4 Countries That Have Banned Single-Use Plastic
- Features9 months ago
5 Huge Support Tips for Eco-friendly eCommerce Brands
- Environment7 months ago
How to Ensure Your Home’s Eco-Friendly During Construction?