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Barclays expects PPI complaints to rise further

by: IFAonline
  • 24/08/2011
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Barclays anticipates further customer complaints related to its sales of payment protection insurance (PPI) after seeing a 93% increase in the six months to July.

After the bank lost a legal challenge on PPI sales in April, it said it will see more complaints in H2.

Most of its 73,000 insurance complaints were about PPI in the first half of the year, up from 59,000 in 2010, the BBC reports.

However, overall Barclays reduced the number of complaints it received by 14% on last year’s figures.

In March, the Competition Commission brought in new rules enforcing a delay of seven days between selling PPI and the sale of credit.

It was confirmed in June Barclays would have to pay out compensation to all customers who made a complaint in relation to PPI before 20 April this year.

Antony Jenkins, chief executive of retail and business banking at Barclays, said: “We have made good progress in reducing complaints with a substantial and sustainable reduction in banking complaints by nearly a third.

“However, there is much more to be done and we are working hard to further improve our service to our customers; putting them at the heart of our business and getting it right first time, every time.”

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