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Disclosure by Lloyds shows over 2000 complaints a day
Thu, 26 Aug 2010
The Financial Services Authority requires banks to publish their customer dissatisfaction levels. This has revealed that Lloyds Banking Group, which includes Halifax, Bank of Scotland, Cheltenham and Gloucester and TSB are receiving over 2000 customer complaints a day. This follows an earlier announcement from Royal Bank of Scotland that it was having over 1600 complaints a day, however, RBS had a far higher rate of upheld complaints from customers, reporting 80%, in contrast Lloyds is reported to have only upheld 10% overall, this difference has raised concerns within the industry.

The policy of the bank clearly states "It is Lloyd's policy that all complaints should be handled quickly, fairly and in accordance with the requirements of the Financial Services Authority " it goes on to say " Lloyd's aims, wherever possible, to deal with members' queries at an early stage before these develop into formal complaints. If you have a query, we would encourage you to raise this with the relevant person within the Corporation who will seek to resolve it as soon as possible". Treating Customers Fairly is at the forefront of the principals and regulation laid down by the FSA .

There are many unhappy customers who feel that these terms are not practised and do not agree with this policy statement. A big issue for the bank is the hangover from complaints relating to bank charges; it claims to have settled a backlog of some 600,000 complaints many of which will be related to the decision in the Supreme Court over compensation claimed by its customers for its charging terms. The banks won their case against the Office for Fair Trading (OFT) however, many complaints had already been upheld by the Banking Ombudsman. Industry experts believe that Lloyds saw this as a reason to dismiss thousands of complaints which were pending.
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