Barclays Bombarded by Complaints

In the United Kingdom, figures from the Financial Services Authority (FSA) show that Barclays is the “most-complained-about” bank by customers. There were 251,563 complaints filed against the bank, more than those against any other bank in the first half of this year across the entire UK. If you think this number is high, think again. Apparently, according to Barclays, the bank has already cut complaints by 14% compared to last year. We can only imagine what it was like last year for the bank.

With these staggering numbers of complaints year after year, Barclays is finding itself in a difficult position trying to gain more customer satisfaction. But a look at the competitors reveals that Barclays really has to step up its game in order to move down from the crowned seat. Lloyds TSB, a local retail bank in the UK, has received 181,907 complaints in comparison, and Santander UK, a wholly owned subsidiary of the Spanish Santander Group and the largest bank in the UK in terms of deposits, has received only 168,888 complaints in the first half of 2011.

Barclay’s Chief Executive of Retail and Business Banking, Antony Jenkins, said that “[they] have made good progress in in reducing complaints….However, there is much more to be done and [they] are working hard to further improve [their] service to [their] customers, putting them at the heart of [the] business and getting it right the first time, every time.” Hopefully, Barclays can effectively lower its complaint rates and shed this title soon.

Source: http://www.bbc.co.uk/news/business-15077344