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News

Barclays Remains Britain’s “Most Complained About Bank” Courtesy of Missold Payment Protection Complaints

During the last six months of 2011, Barclays received the most new complaints from its customers, racking up a total of 282,899 with almost 50% relating to missold payment protection.

The statistics show that the total complains about financial groups rose by 21% during the period in comparison to the same six month spell in 2010, with this startling figure based on the ever-increasing number of people angered by the misselling of PPI.

Complaints about the controversial insurance policies routinely sold by banks alongside loans and credit cards rose by more than 85% in the second half of 2011 to just under one million new complaints, with banks receiving the majority.

Lloyds TSB received 244,249 new complaints in the second half of 2011, but the Bank of Scotland and Halifax, (part of the Lloyds Banking Group), received 204,876 complaints taking the group as a total to just below 450,000 complaints – comfortably ahead of Barclays.

Of the “big five” banks, the Royal Bank of Scotland received fewest new complaints with 103,385. HSBC had 116,891 – of which 45,296 were related to missold PPI. Santander attracted 208,994 new complaints.

These staggering figures have prompted banks to set aside billions of pounds to compensate customers affected by missold payment protection insurance. Many policies were sold to people who could never make a valid claim which were not clearly explained by the banks at the tome.

Anthony Jenkins, the chief executive of Barclays retail and business banking said that “Complaints are still higher than our customers should expect, but we’re on the right track to bring these numbers down with a 31% year-on-year decrease in complaints.”

If you’ve been missold payment protection with your loan or credit card, contact Creditline Financial to find out if you have a claim. You could even use our PPI calculator to establish just how much you could be entitled to claim back. Our average claim sees customers receiving just over £2,000.

Posted by Chris White on 30 Mar 2012

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