The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

UPDATE 1-Barclays' banking and mortgage complaints rise in third quarter

Fri, 28th Nov 2014 15:46

* Overall complaints down 7 percent to 151,000

* Insurance complaints down 21 percent to 91,300

* General bank complaints up 29 percent to 55,000

* Mortgage complaints up 18 percent to 2,700 (Adds banking and mortgage complaints, comment)

By Matt Scuffham

LONDON, Nov 28 (Reuters) - British bank Barclays said it had seen an increase in complaints relating to itsbanking services and mortgages in the third quarter of the year,although complaints about the mis-selling of loan insurancedeclined.

Barclays, which has 48 million customers, said totalcomplaints fell by 7 percent to 151,000, compared with the sameperiod a year ago.

That included a 21 percent fall in complaints aboutinsurance to 91,300, the vast majority of which related to themis-selling of payment protection insurance (PPI) in Britain.

Barclays said the increase in mortgage and bankingcomplaints was "wholly unacceptable".

General banking complaints rose by 29 percent to 55,000.Barclays said the increase was driven largely by claimsmanagement companies, which take a cut of whatever compensationthey obtain for customers.

Complaints about mortgages rose by 18 percent to 2,700,which the bank said was due to growth in the number ofapplications that it handles.

British banks have so far set aside more than 23 billionpounds to compensate customers mis-sold PPI. The policies weresupposed to protect borrowers against sickness or redundancy butwere often sold to those who would be ineligible to claim. (Editing by Keith Weir and Pravin Char)

Related Shares

More News
Today 08:37

Norway wealth fund to back Barclays CEO, chair at AGM

OSLO, May 4 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, one of the world's largest investors, supports the reappointment of Barclays C...

3 May 2024 17:04

Ex-Odey portfolio manager Hanbury warns investors are 'buying blind'

LONDON, May 3 (Reuters) - Former Odey Asset Management (OAM) portfolio manager James Hanbury has said in a letter to investors that passive and syst...

2 May 2024 13:48

UK shareholder meetings calendar - next 7 days

1 May 2024 14:50

Barclays to cut jobs in investment banking - reports

(Sharecast News) - Barclays has reportedly kicked off a fresh round of redundancies, cutting "a few hundred roles" at its investment bank as it looks ...

30 Apr 2024 20:30

GM in talks with Barclays to replace Goldman Sachs in credit card partnership -source

NEW YORK April 29 (Reuters) -

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.