Banks Named And Shamed As Millions Complain

Financial regulators dealt with a staggering 2.18 million complaints from consumers in the closing six months of last year.

High Street banks top the list – with Barclays Bank heading the table with 276,626 gripes from customers.

Lloyds Bank, with 242,782 complaints followed, while the Bank of Scotland was third with 231,869

The Financial Conduct Authority (FCA) publishes complaints information to name and shame banks and financial providers every six months.

Many of the complaints – just over a million – were about misselling payment protection insurance (PPI).

Compensation pay-outs

So far, banks and other financial companies have paid out around £13 billion in compensation to customers who were sold insurance that in most cases they could not claim against.

Millions more were not told that they were buying the cover.

Despite the high number of complaints, the level against all the top 10 offenders dropped.

Besides PPI, the other major consumer problems that led to complaints related to bank current accounts, with 385,000 moans, and general insurance, such as buildings and contents cover. Insurance racked up 318,000 complaints.

Credit card dealings also proved unpopular, with almost 110,000 complaints registered.

“PPI complaints are starting to wind down as most people affected have had their problems dealt with and have received compensation,” said an FCA spokesman.

Warnings about bogus advisers – Worldwide

Here are the latest rogue financial firm warnings on the International Organisation of Securities Commissions web site:

  • British Columbia Securities Commission – Canada
  • Sachs International SA – Canada

Warnings about bogus advisers – UK

Here are the latest bogus financial advisers listed on the Financial Conduct Authority (FCA) web site:

  • Sparrow Capital Partners (clone)
  • Oakwood Financial Services Limited Inc
  • Andreas Geiger Financial
  • Christian Muhr Investment Research (clone)
  • Cooper Brennan

Dealing with an unregulated firm

If you buy shares, save money or invest with an unregulated firm, you lose any protection offered by the Financial Ombudsman and the Financial Services Compensation Scheme. Broadly, you have no independent place to complain if the deal goes wrong and are unlikely to win any compensation.

Checking if a firm is regulated

Go to the Financial Services Register to check if a firm is regulated in the UK.

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