PPI complaints dominate as Financial Ombudsman reveals names of most complained about City firms

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Complaints rose across in nearly every product area, the watchdog said (Source: Getty)

Lloyds Bank was Britain’s most complained about City firm in the first half of 2017, according to figures released by the Financial Ombudsman today.

Royal Bank of Scotland, meanwhile, baulked a trend of rising PPI complaints in the first half of 2017, falling out of the UK’s top 10 most complained about financial institutions.

The ombudsman said it had received 38,609 complaints from Lloyds, Halifax and subsidiary Bank of Scotland in the six months to June 2017. Barclays was next on the list with 15,405 complaints. 

In total the ombudsman received 170,000 complaints during the period, up 13 per cent on the first half of 2016.

Read more: Banks face millions more PPI claims as FCA uses Arnie to arouse interest

PPI complaints dominated, making up almost 90,000 complaints.

Most firms experienced PPI complaint rises. But the increase of RBS issues was less marked, meaning it was overtaken by Allianz Insurance and fell out of the top 10.

Bank of Scotland and Lloyds were in the top two spots in the PPI ranking as well. Although the uphold rate for Bank of Scotland was 29 per cent, compared with 64 per cent against Lloyds.

A spokesperson for Lloyds said the lender was "committed to delivering a positive experience for our customers".

"When things go wrong, we learn from our mistakes... Where complaints are referred to the Ombudsman they agree with our decisions in the majority of cases."

The watchdog was bracing itself for an influx of PPI complaints after last week launching an advertising campaign featuring Arnold Schwarzenegger telling people they have until April 2019 to lodge a complaint.

Chief ombudsman Caroline Wayman said: "While we still don’t know what impact this will have on our workload, today’s data shows that PPI complaints are already increasing."

Read more: More PPI pressure: As bank claims nudge £30bn, FCA readies £42m ad campaign