The FCA has found Barclays to be the most complained about Financial Firm

With 309,494 complaints in the second half of last year, the Financial Conduct Authority (FCA) have revealed that Barclays is the most complained about financial services firm in Britain.

This news has come following the publishing of the first consumer credit report, since the FCA took over the supervision of the industry from the Office of Fair Trading (OFT) on April 1st. Lloyds was second with a staggering 213,311 complaints made over the same period.

Although not as high, Bank of Scotland and Natwest managed to rack up 181,353 and 175,731 complaints respectively.

The FCA chief executive, Martin Wheatly commented: “Although the number of new complaints against financial services firms between July and December 2013 fell by 15% to 2,479,029 from the 2,911,154 complaints reported in the previous six months, 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.” Adding: “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.”

According to the report, Payment Protection Insurance (PPI) accounted for the largest portion of complaints with 1,390,756 while general insurance products came in second with 321,812. PPI complaints alone accounted for 56% of all complaints, down from 62% in the first half of 2013. The report also noted that the total amount of redress paid in the second half of 2013 was £2.65bn, an increase from £2.55bn in the first half of the year.

The FCA promised to stamp out the exploitation of Britain’s consumers and warned that firms which don’t conform will face closure.

Upon hearing the news, Barclays Retail and Business Banking, chief executive, Ashok Vaswani commented: “Any reduction in the number of complaints made by our customers is welcome news, so to see our figures fall by 26% year-on-year is encouraging. However, we recognise that we still have a way to go, even one complaint is too many. We take all complaints seriously and endeavour to make sure that along with finding the immediate resolution, we tackle the root cause of the complaint head on to prevent other customers from being affected. Every part of the bank is working to the same goal, to go out of our way to put things right and make our customers’ experience seamless.”

If, after reading this you feel that you may have been mis-sold PPI from Barclays or any other financial services organisation, then you should consider making a claim. This can either be done independently, or with the help of a professional claims handler such as Claims Advisory Group, who will be able to make the claim on your behalf.

Posted on Tue 06 May 2014