Barclays is the most complained about bank
Barclays is the most complained-about bank, according to new figures from the Financial Conduct Authority.
The bank received more than a quarter of a million complaints in the first half of the year. But it was not out on its own – Barclays was closely followed by Bank of Scotland and Lloyds.
Despite taking the top spot, the number of complaints about Barclays had actually dropped by 10 per cent compared to the second half of 2013.
Bank of Scotland on the other hand saw a dramatic rise, with a whopping 46 per cent increase in complaints compared with the previous six months, according to the financial watchdog.
Overall, complaints about financial services firms dropped five per cent to 2.3m, more than half of which concerned PPI complaints.
The number of PPI cases continued to fall – down 11 per cent – although it was the most complained about item.
The drop in cases, which made up 89 per cent of all payouts, contributed to a fall in the value of compensation paid from £2.65bn for the last six months of 2013, to 2.34bn in the first half of this year.
However, the number of cases could rise again in the second half of the year after the FCA told banks they had to reassess more than 2.5m complaints.
