Consumer complaints against banks fall 15% as PPI scandal cools off
Wednesday 09 April 2014
The number of consumers complaining about their bank dropped by 15 per cent in the last six months of 2013, the City watchdog said.
A total of 2,479,029 bank complaints were lodged between July and December, a drop of over 430,000 from the previous six months, the Financial Conduct Authority said.
However, the fall in complaints was nearly all accounted for by a decline in payment-protection insurance mis-selling claims as the multi-billion-pound scandal passes its peak.
In total, PPI complaints fell by 22% to 1,390,756. PPI was, though, still by far the most complained-about financial-services product. Barclays was the most complained-about bank, with 309,494 grievances lodged, but this was a fall of 17% on the first half of 2013.
It was closely followed by Lloyds, which saw 256,656 complaints in the first half of 2013 — an increase of 1%.
FCA chief executive Martin Wheatley took a conciliatory tone: “No firm wants to top this particular list and they all should be striving to ensure that customers are being treated fairly and not given cause to complain.”
He added: “This is an indication that firms seem to be putting customers at the heart of their business, however, there is clearly more for us all to do to show consumers their interests come first.”
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