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Sharp jump in complaints over banking and credit cards

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31 March 2015

Credit card complaints
Credit card complaints are up according to FCA figures

Top five most complained about banking and credit cards

  1. Barclays Bank – 109,994
  2. Santander UK – 82,953
  3. National Westminster Bank  – 68,027
  4. HSBC Bank– 66,109
  5. Lloyds Bank  – 57,359

BANKING and credit card complaints have leapt by 8% in the six months ending December last year, according to figures released by the Financial Conduct Authority (FCA).

While its research showed overall complaints against financial services firms, excluding payment protection insurance (PPI), increased by 2% year-on-year, banking and credit card complaints jumped alarmingly towards the end of 2014.

The FCA’s director of strategy and competition, Christopher Woolard, said:

“Today’s statistics offer a mixed picture. When you take PPI out of the equation, complaints are still on the up.  So, while the overall decreases we have seen should be welcomed there is still more for financial services firms to do. The FCA’s challenge to those firms is to put the necessary measures in place to ensure we see a consistent fall across all sectors.”

PPI accounted for 48% of complaints for the first time in the last three years but remained the most complained about product with 1,058,918 opened complaints in 2014 H2. The number of PPI complaints opened decreased by 14% to 1,058,918 in the second half of 2014 compared to the first six months of the year.

The total redress paid increased by 4% to £2.44Bn in in the second half of 2014, from £2.34Bn in the first half of the year. Of this amount £2.15Bn related to general insurance and pure protection products, which include PPI. The redress paid in relation to banking and credit card products increased by 64% to £145M between July and December.  This constituted 6% of the total redress paid in the last six months of the year against 4% in the previous period.

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