Lloyds tops financial firms' complaints list
Lloyds TSB was the most complained about financial brand in the first six months of this year. The Financial Ombudsman Service dealt with 19,569 new complaints about the bank between January and June 2011. Barclays took second in the table of shame with 16,864 complaints.
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Lloyds Banking Group's various companies attracted twice as many complaints as any other financial services provider. The ombudsman reported that eight Lloyds' firms attracted more than 35 complaints, and that the group's total was 37,696. Lloyds claimed three spots in a list of the 10 most complained about companies, with Bank of Scotland the third most complained about company with 13,021, and Black Horse – Lloyds' car loans subsidiary – 10th with 3,721 complaints. Barclays group collectively attracted 19,050 complaints, with its loans firm Firstplus Financial recording 1,407. Royal Bank of Scotland was the group with the third largest number of complaints – 13,391 – mainly made up of its two banking brands, RBS and NatWest.
But credit card company MBNA grabbed fourth place in the 10 worst financial firms by garnering 12,500 complaints over the period. Its credit company, loans.co.uk, also proved frustrating for customers with 778 complaints reaching the ombudsman, giving MBNA a total of 13,278.
In terms of complaints upheld, credit broker NIZ Financial had an atrocious record with 98 per cent of complaints against it upheld. It's no wonder the firm's credit licence was withdrawn by the OFT earlier this year. Loans broker Wentworth Direct Finance had 94 per cent of complaints upheld, while building society Norwich & Peterborough – which is being taken over by the Yorkshire – and advisers Towry had 92 per cent upheld.
MBNA – which attracted the fourth highest number of complaints – was fifth worst for complaints upheld with 87 per cent, totalling 10,875.
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