Barclays garners most complaints in last half of 2010

The Financial Services Authority recently reported that Barclays has risen to top the number of complaints filed in the second half of last year with more than 275,000.

While some of the complaints were filed against the financial group’s pensions and insurance products, the majority of them were for its personal and business bank accounts and related services.

More than 50 per cent of customers of the financial giant’s branch banking customers had their complaints upheld, according to FSA data.  Nearly 70 per cent of complaints filed by Barclays insurance customers were upheld as well.

Former 1st place bank Santander slipped to 2nd with only slightly over 195,000 complaints over the same period of time.

Several other High Street banks were also named as having large complaints figures filed against them.  Lloyds TSB racked up nearly 176,000 complaints over the second half of 2010, followed by Bank of Scotland with nearly 123,500, NatWest at almost 119,000, and HSBC with just under 81,000.

Consumer Focus financial services expert Oliver Morgans stated that the newly released figures made the suggestion that there was something amiss with not only how financial products and services are designed and sold but also with customer service as well.

In addition to total complaint numbers rising to nearly 1.8 million, the levels of upheld complaints have also increased said Mr Morgans.  With almost 10,000 complaints filed daily, these figures are bound to increase in the future and indicate banks are treating their customers unfairly, he added.

The FSA data indicated that disputes related to pure protection and general insurance increased at a rate of 47 per cent to 710,000 incidences.  More than 50 per cent of those were found to be the results of arranging, selling, and advising.

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