Lloyds Bank receives record number of complaints

In the first six months of 2010 Lloyds Bank received the equivalent of 1850 complaints each and every working day. This is by far and away the highest number of complaints for any banking brand in the UK and surprisingly only 12% of the complaints were upheld by the company. Even though the figures are potentially distorted by unauthorised overdraft payment complaints, which were subsequently overruled by the courts, there are still many issues to be resolved at Lloyds Bank.

Interestingly Lloyds Bank received over 40,000 complaints in relation to insurance products and specifically payment protection insurance, something which the FSA is very keen to address in the short to medium term. However, when you consider that Lloyds Bank now takes in brands such as Bank of Scotland, Halifax, Birmingham Midshires and Intelligent Finance then maybe the situation is not look as bad as it looks on the surface. However, there is no doubt there is further work to be done to integrate these particular subsidiaries to the benefit of Lloyds Bank group customers.

The relatively low successful complaint rate, around 12% in the first six months of 2010 for Lloyds Bank, is a worry to the FSA which is very keen to uphold the rights of UK banking customers.