Personal Finance

Barclays top of services complaints

Barclays received more than 205,000 complaints about its banking services in the last half of 2010, making it the most complained about UK financial institution in this area.

The figure represented a 5% increase from the first half of the year, with Santander falling from first to second place with just over 165,000 complaints for its banking services. Barclays did, however, report a drop in the total number of complaints from 307,622 to 294,891.

The total number of complaints received across the banking sector increased by 3% to 1.79 million, which is nearly 10,000 a day. Complaints about controversial payment protection insurance (PPI) surged by 63% to 434,596, according to the Financial Services Authority (FSA). The proportion of complaints upheld also increased from 26% in the first half of 2010 to 49% in the final six months.

Financial institutions must report to the FSA every six months on the number of complaints they receive and how they handle them.

The figures showed Lloyds TSB was third with 89,811 complaints for its banking services, while NatWest was fourth with 87,271 complaints. Lloyds TSB received the most complaints about general insurance and pure protection products, which includes PPI, with 84,775 disputes lodged.

Sam Jackson

Money Dashboard