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Lloyds receive 2000 complaints everyday

Posted by Ashar | Posted in Advice, Economy

Lloyds, Britain’s biggest bank, is receiving over 2,000 complaints a day from angry customers, the bank recently admitted.

Lloyds TSB, which is 43% owned by the taxpayer after the multi-billion-pound bailout to save it during the credit crunch, admitted in total they had received 300,000 complaints in the first six months of the year.

Shockingly, only one in ten complaints ended in an apology or compensation for the let-down customers, leaving a remarkable 90% dismissed.

By contrast to Lloyds TSB however, RBS upheld eight out of every ten complaints, which has raised questions over how there can be such a disparity.

The Financial Services Authority have ordered banks to publish the full extent of their customers’ dissatisfaction, as the news follows on from earlier this year when Royal Bank of Scotland admitted it was receiving  more than 1,600 complaints every working day. The Independent Financial Ombudsman Service (IFOS) also reported the mis-selling of loan insurance and in-store credit as reasons why their complaints handling had reached record heights.

The figures from the Lloyds group, which also includes Halifax, Bank of Scotland and Cheltenham & Gloucester, were described as disappointing by consumer group Which?.

Lloyds also revealed they had finally closed an astonishing 600,000 outstanding complaints this year, ending a huge backlog.

A substantial amount of complaints were from customers complaining about overdraft charges whose cases had been put on hold until the supreme court decided whether banks had to pay compensation for overcharging customers. The banks eventually won the case against the Office of Fair Trading, however Lloyds TSB have seemingly used this ruling to dismiss the copious amounts of pending complaints. This was despite many complaints separately being held upheld by the banking ombudsman.

Nationwide, Britain’s biggest building society has also published its complaints, revealing that it had received 90,200 between October 2009 and April 2010. It was also revealed they turned down eight out of ten banking customers who complained.

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3 Responses to “Lloyds receive 2000 complaints everyday”

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