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UK complaints data | Barclays complaint definition fca

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Our priority is to deliver excellent service every time a customer interacts with us. However, when we do make a mistake, we make every effort to try and rectify it as quickly as possible so that it doesn’t happen again in the future.

This site provides an overview of the number of reportable complaints Barclays has received since 2010 and highlights how we are continuing to drive down complaints by improving the overall experience our customers and clients have.

What We Publish

The Financial Conduct Authority (FCA), requires financial services firms to report on the number of reportable customer complaints they receive every six months.

From 30 June 2016, the FCA introduced changes to what and how firms are required to report complaints:

Previously the FCA did not require firms to report complaints that were resolved before close of business on the following day. For example we would not report a complaint received on Tuesday if we agreed a resolution with the customer by the end of Wednesday. Now firms are required to report all complaints, regardless of when they are resolved. This will mean that our complaint volumes will look higher than they did in previous years. Previously we were required to report total volumes under each category of complaint.  Now the FCA has asked us to also show these figures in context of the number of accounts. 

We believe that the effect of these changes will increase the visibility of all complaints across the industry, help improve transparency and rebuild trust in financial services firms. The changes will also help customers to compare firms on a more equal basis. 

H2 2016 data July to December 2016 July to December 2016 H1 2016 data January to June 2016 January to June 2016 Historic issues Historic issues

Over the past few years we have made significant progress in relation to two historic areas of complaints: PPI and Interest Rate Hedging Products (IRHP). Below is an update on each.

PPI

Payment Protection Insurance (PPI) has continued to generate very high volumes of complaints for the whole of the industry, including Barclays, in the last few years. Whilst many customers have benefited from our PPI product range, we stopped selling new PPI policies in 2010 and recognise that genuine PPI complaints are absolutely valid.

To date, we have proactively contacted over 784,000 customers in relation to a potential PPI mis-sale. Our proactive activity is now drawing to a close.

Complaints about the misselling of this product, which continue to account for a large proportion of complaints we receive, do not necessarily relate to the way Barclays conducts business today.

We want to make the process to complaint about a PPI policy as simple, easy and fair as possible. If you would like to make a complaint about a policy, you can find out further information about the process, answers to frequently asked questions and submit a complaint directly on the Barclays and Barclaycard websites.

IRHP

Interest Rate Hedging Products (IHRP) are designed to help business customers manage fluctuations in interest rates. They can be useful for some companies, however, we recognise that we have not met the standards expected of us by our customers or regulator.

We have undertaken a thorough review of IRHP, and have provided those customers who were affected with their review outcomes and, in many cases, a redress offer. We continue to work closely with these customers to bring their reviews to completion close. We are prioritising the review of sales to small-to-medium enterprise (SME) customers which are in financial difficulty.

Glossary Glossary

The following definitions have been used in the assembling of this data.

Definitions

Number of Complaints Opened
This includes all complaints received during the reporting period of 1 July to 31 December 2016.

Number of Complaints Closed
A complaint is deemed closed once Barclays has sent a final decision letter or the customer has indicated that they accept our response.

Complaints Closed within Eight Weeks

This includes complaints which were closed within eight weeks of the date of receipt.

Complaints Upheld by Firm
This includes complaints where Barclays agreed with the customer that their complaint was justified, either in whole or in part. We may have offered redress, where appropriate.

Categories of Banking Services and Products
The FCA has six Categories of Banking Services and Products which firms are required to report against. Some examples of what is included within each of these categories can be found below:

Banking and Credit Cards: Current accounts, savings accounts, cash and debit cards, credit cards; Home Finance: House mortgages, home income plans, home purchase plans; Insurance and Pure Protection: Property insurance, travel insurance, medical insurance, payment protection insurance (PPI); Decumulation and Pensions: Annuities, pension plans. Decumulation describes a process to realise assets (such as shares) into an income stream, often during retirement; Investments: Share dealings, unit trusts, ISAs, derivatives. Notes

Data included in the above tables refers to complaints both received and closed between 1 July 2016 and 31 December 2016 inclusive.

Next publication dates:

H1 2017: by 31 August 2017 for complaints data from 1 January to 30 June 2017.

Historic UK complaints data Historic UK complaints data Historic spotlight reports Historic spotlight reports Financial Conduct Authority complaints data Financial Ombudsman Service complaints data Parsys 3 Parsys 4 Share this page Parsys 5 Parsys 6 Parsys 1
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complaint letter Coutts and Secure Trust top FCA banking complaints tables Read next ‘I have an Italian heart but a British brain’ Friday, 24 November, 2017 Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Share on Whatsapp (opens new window) Save to myFT April 26, 2017 Experimental feature

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Private bank Coutts and challenger bank Secure Trust were the most complained-about banks in the UK in the second half of last year, according to new data from the financial regulator.

While the private bank’s customers – which include Queen Elizabeth II – may be expected to hold their bank to particularly high standards, Secure Trust received the same level of complaints about its banking and credit card services, with 15.1 per 1000 customers.

Secure Trust said the high level of complaints was due to the closure of its current account product during the period, which reduced its total customer numbers and increased complaints from those who “were very happy with the service we were providing”.

The company’s chief executive Paul Lynam warned earlier this year that competition between banks was leading to “ crazy behaviour ” in the unsecured consumer credit market, prompting it to pull out of the market.

Of the UK’s major banks, Royal Bank of Scotland received the most complaints about its banking and credit card services per customer, with 8.8 complaints per 1,000 accounts.

The data, from the Financial Conduct Authority, cover complaints made to firms in the second half of 2016.

In terms of total complaints, Lloyds Banking Group received the most complaints over the period, with a total of 603,877 complaints across all services and arms of the banking group, including 285,882 complaints about banking and credit cards.

In total, 3.04m complaints were reported by firms in the second half of the year; the data are not directly comparable to previous years since the FCA recently changed rules on how complaints are reported.

A total of £1.9bn was paid out in redress to customers over the period, with the vast majority relating to the PPI scandal. £221m was paid in response to banking and credit card complaints.

Christopher Woolard, FCA executive director of strategy and competition, said:

Consumers want a simple way to complain that does not leave them out of pocket. 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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