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Lloyds and Queen's bank Coutts rack up customer complaints

Coutts received 15.1 complaints per 1,000 banking and credit card accounts
Coutts received 15.1 complaints per 1,000 banking and credit card accounts

The Queen’s bank Coutts, high street giant Lloyds Banking Group and Secure Trust were the target of customers’ ire after firms racked up a record 3m complaints in the second-half of last year, the latest data from the City regulator shows.

Lloyds came off worst overall, with a total of about 595,000 complaints opened against it during the six months across all of its brands - including Bank of Scotland - and products, ranging from credit cards and pensions to insurance and investments, according to the Financial Conduct Authority (FCA).

Barclays received more than 440,000, while Royal Bank of Scotland had almost 256,000 and HSBC got nearly 254,000. The biggest banks dominated the rankings because of their size.

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However, when broken down by brand and focused purely on banking and credit card services, Coutts, the private bank that counts Elizabeth II as a customer and is owned by RBS, and challenger bank Secure Trust fared the worst.

Both received 15.1 complaints per 1,000 accounts, a measure that strips out the impact of a brand’s size.

fca
The FCA logged 3.04m complaints in the second half of 2016

The total number of complaints logged overall by the FCA hit an all-time high of 3.04m in the second-half of 2016 after the watchdog changed the way it records customer grievances.

Even so, payment protection insurance (PPI) remained the most unpopular product and attracted some 895,000 complaints.

The scandal over the mis-selling of PPI has rocked the British banking sector in recent years, with Lloyds footing the biggest bill for the controversy. It has now spent around £17.4bn compensating customers who bought the product.

Current accounts were the next most complained about product, attracting 514,000.

“Consumers want a simple way to complain that does not leave them out of pocket,” said Christopher Woolard, the FCA’s executive director of strategy and competition. “And they want to be assured that their concerns will be dealt with fairly and quickly.

“These data will provide us with improved intelligence on complaints including new detailed data to show where industry is potentially failing consumers at product level.

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