Lloyds Banking Group Gets the Most of Complaints

The report of the Financial Ombudsman Service suggests that the number of complaints about inappropriate sale of payment protection filed by borrowers of the Lloyds Banking Group was higher than that of RBS, Santander and Barclays put together.

Overall, the service had to deal with 22,420 complaints of Lloyds customers in the first 6 months of 2010. Of these, almost 8,500 cases were associated with inappropriate selling of payment protection insurance, more commonly known as PPI.

Let us remind that Lloyds Banking Group stopped selling PPI in July of this year, when the campaign against sale of this type of cover was launched by public and regulatory bodies.

The Financial Ombudsman Service upheld more than 60% of all the complaints it received.

The regulatory body also required that all UK lenders reveal the details of complaints they received. Lloyds scored second as the first place was taken by Santander. However, the proportion of upheld complaints at Lloyds Banking Group was the lowest at 12%.