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Bank complaints soar

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  • 21/09/2009
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Banks dominated the Financial Ombudsman Service’s (FOS) list of complaints against financial businesses in the first half of the year, with the number of cases upheld at high levels.

Lloyds and its subsidiaries accounted for 807 mortgage complaints, 30% of the total mortgage complaints received by the FOS. Barclays received 403 complaints, while Abbey attracted 299 complaints.

Sesame was the only independent financial adviser firm to make the list, receiving eight mortgage complaints.

The FOS upheld 41% of mortgage complaints. GMAC-RFC topped the list of complaints upheld, with 75% of its 53 complaints found in favour of the consumer, while 60% of the 47 complaints against GE Money Home Lending were upheld.

Letters will be written to the businesses that generated the largest proportion of complaints to ask them to consider their performance. Walter Merricks, chief  mbudsman at FOS, said it published the complaints data because sending it privately resulted in no improvement.

He added: “The published information should give businesses encouragement to improve and mean fewer customers will bring unresolved complaints to the ombudsman.”

A spokesperson for Lloyds said the vast majority of its customers were satisfied with the service provided across its brands.

She added: “This is reflected in the low number of complaints we receive in relation to the high number of customer accounts. We are committed to listening to our customers.”

Alan Lakey, principal at Highclere Financial Services, said the results showed that banks had an aggressive marketing ethos and paid little attention to customers.

He added: “Banks seem happy to sell products tor one they went to.”

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