18 October 2013 by Alexandra Jones
Barclays Bank has topped the latest Financial Conduct Authority (FCA) complaints list, beating its closest rival Lloyds TSB by nearly 120,000 complaints.
Barclays received a total of 370,733 complaints, making it the most complained about regulated financial company in the first half of 2013.
Lloyds TSB Bank plc came in second with 253,735 complains, MBNA Limited came third with 237,103 complaints, Bank of Scotland plc came in fourth with 222,249 complaints and Santander UK plc came fifth with 198,736 complaints.
Financial firms, including banks, insurers, lenders and other firms, provide Barclays with data every six months about the complaints they have received, what these were about and how they have dealt with them.
Yet there has been a notable decrease in the overall number of complains; 15% fewer were made in the first six months of 2013 than in the second half of last year, bringing the figure down to a total of 2.9 million.
In particular, Barclays’ complaints fell by just over 10%, Lloyds TSB by over 27%, MBNA by 12%, Bank of Scotland by 34% and Santander by 16%.
The significant decrease is likely to be due to complaints about payment protection insurance (PPI) falling by 18% to 1.8 million; however, insurance products complaints crept up by 6% to 313,860. There was also a large drop in complaints about credit cards, down 42% to 164,134.
The data also captured what products were the most complained about: PPI took the top spot with 1,786,626 complaints, general insurance products came second with 313,860 complaints, current accounts came third with 280,711 complaints and credit cards came fourth with 164,134 complaints.