PPI tops complaints list of financial firms

PPI claims have again topped the table of most complained about financial issues.
PPI claims have again topped the table of most complained about financial issues.
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Almost a million people complained about Payment Protection Insurance in the six months to June, despite an overall drop in the number of gripes about financial services firms, new data has revealed.

The latest report from the Financial Conduct Authority found that Barclays Bank was the most complained-about firm in the period, while Bank of Scotland, with 173,646 customer complaints and sister institution Lloyds Bank with 213,163 complaints, made up the remainder of the top three.

No other Scottish banks or financial organisations were in the top five complained about in any category, although the report showed that Royal Bank of Scotland generated 66,754 complaints over the period.

The total number of complaints to the watchdog was 2.05 million, with PPI problems accounting for 0.93m.

Complaints about current accounts have seen the largest reduction – 46,000 or 10 per cent - in this period, with an overall drop in number of 2.6 per cent.

Christopher Woolard, Director of Strategy and Competition, said: “To see another six months of reduction in the total number complaints is encouraging.

“Firms still need to continue to ensure they are doing all they can to reduce consumer dissatisfaction, but the figures show firms are taking our feedback seriously”.

The total redress paid to consumers was £1.96 billion which is less than 1 per cent lower than the redress paid between July and December 2015.

Bank of Scotland generated 9,894 complaints about its home finance arm, ranking it the worst of the financial institutions in this field, while 115,121 people raised gripes about its general insurance and pure protection branch, which includes PPI.

The FCA has set a limit of June 2019 -extended from an earlier deadline of 2018 - for complaints about the PPI scandal, in a bid to draw a line under the problem.