Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video 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
20 Jun 2024 08:58

TOP NEWS: Sainsbury's pays NatWest GBP125 million to take on bank arm

(Alliance News) - NatWest Group PLC on Thursday agreed to buy the retail banking assets and liabilities of Sainsbury's Bank from J Sainsbury PLC.

20 Jun 2024 08:11

NatWest swoops on retailer Sainsbury's banking business

LONDON, June 20 (Reuters) - NatWest has struck a deal to acquire most of the banking business of UK retailer Sainsbury's, the companies said on Thur...

18 Jun 2024 08:36

IN BRIEF: Melrose Industries hires former British Land CEO as chair

Melrose Industries PLC - Birmingham, England-based aerospace firm with Engines and Structures divisions that were formerly part of GKN - Hires Chris G...

17 Jun 2024 22:30

UK's Labour pledges to plug gaps left by bank branch closures

LONDON, June 17 (Reuters) - Britain's Labour Party said on Monday it would give regulators new powers to significantly increase the number of 'banki...

17 Jun 2024 09:33

LONDON BROKER RATINGS: Goldman Sachs cuts SSP Group to 'sell'

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and on Friday:

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.