Lloyds Bank Reports Most Investment Complaints In Second Half Of 2016 - FCA Report

Robbie Lawther

27 April 2017

(UK) – 11.1 per 1,000 client accounts

Both scored fairly low with 2.2 and 0.5 complaints per 1,000 client accounts, respectively.

The new data found by the FCA for the second half of 2016, was influenced by the new rules enforced from 30 June 2016. Due to the new rules, financial services firms also have three days to address a complaint to a consumer’s satisfaction, whereas previously there was a next business day time limit.

The FCA believes the new data set is more informative because it shows the number of complaints against size of the business. It also provides greater insight about the products that consumers complain about. This information will provide a better understanding of the areas where consumers are struggling to gain satisfaction.

Greater transparency of complaints information will enable consumers looking to invest or buy products to be better informed about the products that have caused concern for other consumers.