Complaints about current accounts increase 12pc
The financial regulator has announced a drop in customer complaints given that December, but lender gripes are still increasing yr-on-yr, with Barclays and Santander topping the checklist 
Santander and Barclays financial institutions acquired the most issues from existing account buyers this year, according to the newest grievances data from the Financial Conduct Authority (FCA).
Across the market, the regulator documented a 12pc improve in grievances from recent account buyers amongst January and June 2014, when compared with a yr before.
The FCA explained the results as “encouraging” regardless of the surge in existing account problems, expressing complaints fell slightly by 5pc from December 2013.
Payment payouts for current account holders also improved to £88 million, up 66pc.
Santander gained 91,158 grievances for its banking solutions between January and June 2014, Barclays 88,792 and HSBC sixty five,865.
Nevertheless, the info does not get into account the number of buyers at every financial institution. For instance, challenger lender Metro obtained just 548 grievances so considerably this 12 months, but also occupies considerably less than 1pc of the industry share.
Fairerfinance.co.uk’s James Daley criticised the anomaly, declaring that the figures “named and shamed the incorrect folks.”
He mentioned that the information defeated the regulator’s goal to function in the interests of consumers. “The FCA does absolutely nothing to place these figures in context for consumers,” he stated.
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For illustration, Lloyds Bank, which has the greatest proportion of existing account buyers, also appears in the best 5 for banking issues. Even so, with 42,245 issues, the bank captivated considerably much less sad consumers than its smaller competitors Santander and Barclays.
Mr Daley stated: “Alternatively of driving up requirements, the FCA knowledge in its recent form unfairly penalises some firms that are undertaking a properly good job.”
The regulator’s director of policy, Christopher Woolard, mentioned: “It’s important that companies now get on leading of the problems that are driving problems. There is clearly additional work to be completed to guarantee that consumer interests appear first.”
Pensions and home loan complaints up
Present accounts had been the most complained-about items (319,505 this calendar year), but complaints about pensions, home loans and other secured credit rating merchandise also improved by 25pc when compared with the past 12 months.
The most complained-about pension service provider was Prudential (7,084 problems) and LLoyds Lender attracted the most general insurance issues – including payment defense insurance coverage (PPI) – at 219,306.
By contrast, gripes in excess of basic insurance increased by just 1pc, while cost savings grievances reduced by 11pc.
The banks’ reaction
Barclays, which saw total grievances excluding PPI boost by 12pc, mentioned most of its buyers complained about recent accounts and home loans. A spokesman explained: “The mortgage loan determine is as a consequence of development in the marketplace share and updates to our methods as we commit in the enterprise.”
The lender stated the rise in recent account complaints did not replicate the day-to-working day expertise of buyers.
Matt Hammerstein, head of buyer services at Barclays, stated: “We’ll by no means stop striving to boost service and avoid the need for issues and we think this method will produce genuine adjust in buyer pleasure for the lengthy term.”
Santander explained that the amount of issues it acquired about its banking providers was 25pc reduce than the exact same interval in 2013.
Steve Pateman, head of British isles banking, mentioned: “Bettering the support we provide is important for us to employ this technique and we have been working difficult to provide a excellent consumer experience.”
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