Economy

Lloyds most complained about bank in first half, Financial Ombudsman reveals

Lloyds most complained about bank in first half, Financial Ombudsman reveals”

Despite continuing to top the FOS's adviser list, the 100 complaints Sesame received in the first half of this year are fewer than the 104 in the second half of 2016 and well down on the 160 complaints the business received in the same period last year.

The actions of a single adviser saw the number of complaints against Openwork upheld soar at the start of this year.

The average uphold rate (where the ombudsman found in the consumer's favour) for all businesses over the six-month period was 36% - and ranges from 3% to 79% across the individual businesses. The majority of complaints related to mis-sold PPI, with the bailed-out lender having sold more such policies than any of its peers. The number of complaints jumped 14 per cent from 78,375 to 89,513.

Last month the Financial Conduct Authority ruled that all PPI claims will have to be lodged by 29 August 2019. That said, complaints about banking and credit have increased by 12% to around 47,000.

The biggest increase in this category was complaints about current accounts which jumped 35 per cent from 7,976 to 10,799.

In the first six months of 2017 the watchdog received more than 20,500 complaints about the Bank of Scotland.

It was followed by Lloyds Bank, part of the same group, at 18,068, and Barclays, with 15,405.

Lloyds Banking Group (LON:LLOY) was the most complained about financial firm in the first half of the year, the Financial Ombudsman Service has said.

One consumer campaigner said the ombudsman's figures show there are still "endemic problems with the way banks and insurers treat their customers".

According to the spokesman a deal was finalised between Openwork and the Financial Ombudsman Service in March and this is what "significantly affected" the current six month position. A decade on from the financial crisis it seems the cultural change the industry promised has not come to light'.



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