View more on these topics

Bank of Scotland tops FCA complaints list in H2 2015

FCA logo glass 620x430

The Bank of Scotland was the most complained-about home finance firm in the second half of 2015, according to the FCA.

FCA complaints data shows the bank had 11,606 grievances logged against it in the period.

The home finance category includes mortgages and equity release.

Santander UK had 7,331 complaints, HSBC Bank 6,296, NRAM 6,107 an Barclays Bank 5,740.

The FCA says it had 67,546 complaints in its ‘savings’ category, down 15 per cent on the previous six months.

The category includes cash ISAs and other banking complaints.

There were 36,963 investment complaints, down 20 per cent from 46,019 in the first half of 2015.

Complaints related to Peps and Isas (excluding cash Isas) were down 15 per cent compared to the first half of 2015, from 13,976 to 11,848, while complaints related to investment bonds continued to decline and are almost half what they were in the first half of 2011 (6,202 from 12,306).

However, the FCA notes the decline in complaints about investment bonds was consistent with a decrease in sales in the category.

HSBC saw the most investment complaints, at 3,007, followed by Barclays at 2,880, and Equiniti Financial Services at 1,567.

Across all categories included in the FCA data, complaints were down 1.4 per cent to 2,106,155 from 2,135,508 in the first half of 2015, and this decline was more marked when PPI data was excluded. It received 1,244,937 complaints, up 6 per cent from 1,201,876 in 2015 H1.

The decrease was mostly driven by a 10 per cent drop in complaints about current accounts and a 15 per cent drop in complaints about savings accounts.

Investments only accounted for 2 per cent of all complaints, compared to general insurance and pure protection, which accounted for 59 per cent, while banking and credit cards accounted for 32 per cent.

Last July, the FCA announced it was changing its complaint handling rules to make them “less bureaucratic” for firms and easier for consumers, and to provide the regulator with improved intelligence on complaints.

The change means that complaint data released from March 2017 will not be comparable to data released before this period.

Recommended

Scotland-Scottish-Flag-700.jpg

Bank of Scotland tops FOS mortgage complaints list

Bank of Scotland was the most complained-about mortgage firm in the second half of 2015, according to the Financial Ombudsman Service. The firm had 638 complaints logged with the FOS in the period, with 26 per cent upheld. The number was down 37 per cent from 1,004 in the same period of 2014. Santander was […]

The FCA’s guide to MCD compliance

Second charge firms’ preparation for the MCD should be advanced but the FCA sets out how to comply with the new rules With less than two months until the implementation of the Mortgage Credit Directive, firms should be well on their way to meeting the new rules. The biggest impact will be felt by the […]

FCA-FSA-Building-700x450.jpg

FCA hit by 491 complaints in 2015

The Financial Conduct Authority received 491 complaints in the year to November 2015. The flow of complaints against the regulator was even all year, with 246 made between December 2014 and 31 May 2015, and 245 between 1 June and 30 November 2015. The FCA’s latest data bulletin says the regulator did not investigate 47 […]

Trash Talk: ‘Key Takeaways’

Mortgage Monkey reveals the gibberish littering the industry’s press communications Trash Talk is Mortgage Strategy’s new column, which takes a light-hearted look at the business speak and jargon sneaking their way into financial services Business speak of the week: ‘KEY TAKEAWAYS’ This week was a surprisingly benign one for industry business speak, forcing Monkey to […]

Newsletter

News and expert analysis straight to your inbox

Sign up