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News

Missold Payment Protection and Poor Service Lead to New Complaints Every Twelve Seconds

According to the Financial Ombudsman Service (FOS), some of Britain’s largest banks were subjected to almost 2.5million complaints in 2011, with a new issue raised every 12 seconds, the majority of which were due to missold payment protection and poor service by bank staff.

Banks such as Lloyds, Barclays, Santander, HSBC and RBS – arguably the “big five” of UK banking – were hit with the most complaints, with Lloyds topping the list with a grand total of 58,016 complaints in 2011. In total, customers of the five banking groups made 1.37million complaints in the second half of 2011 alone, a 26% rise on the 1.08million the same banks received in the first half of the year.

It’s been revealed that the majority of issues raised were related to the controversial payment protection insurance; the cover aimed at ensuring customers could repay loans in the case of losing their employment or a deterioration in their health rendering repayments either difficult or impossible.

The FOS revealed that almost 87% of all complaints against the “table toppers” Lloyds were upheld, with 84% of Barclays disputes going in favour of the customer. 93% of disputes with RBS, 55% with Santander and 80% with HSBC all went against the banks.

Peter Vicary-Smith, the chief executive of the consumer group Which said “This data just adds more evidence that some banks are systematically failing to treat their customers fairly when things go wrong. It is especially unacceptable that customers have been forced to take their missold PPI claims to the ombudsman.”

In response to the report, the British Bankers Association said the complaints only came from “a small percentage of customers.”

They added “The UK banking industry is committed to its customers and resolving any issues as soon as possible, in many cases by the close of business the next day. It is important to keep the figures in context. The larger the bank is, statistically the more complaints they’ll receive. With more than 140million bank accounts in the UK and billions of transactions each year, it is inevitable that there will be times when things go wrong.”

If you feel that you need assistance with your claim for missold payment protection, give Creditline Financial a call today on 01733 393399. We have a proven record for helping our customers to reclaim the money that is rightfully theirs with an average successful claim of £2,100.

Posted by Chris White on 08 Mar 2012

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