In a recent survey by the lobby group Move your Money revealed that Barclays Customer service was the worst financial institution ( out of 70 surveyed ). Barclays scored a dismal 4 out of 100 in the survey for : Honesty, Customer Service and Value to Society.
All of this on the same day that Switching current accounts was meant to become easier. The lobby Group is urging Barclays 12 million current account holders to use the new legistlation to switch their accounts to a better performing financial institution.
‘You don’t have to put up with disgraceful scandals, poor service and excessive bonuses any more,’ said Laura Willoughby, head of Move Your Money. ‘Now is payback time.’
Barclays Customer Service
Over the past couple of years Barclays has had a string of financial scandals from mis-sold PPI, Libor rigging and interest rate swap mis-selling.
Other Banks Scores
RBS – 7
HSBC – 18
LLoyds – 21
All of Barclays rivals also earned themselves the ‘Red Rating’ from Move your Money ( Red Rating – switch immediatly )
Co-operative Bank – 46
Nationwide – 64
Metro Bank – 77
Handelsbank – 74
Cumberland Building Society – 89
From yesterday it will be easier and quicker to switch banks: the industry has promised it will take seven working days to move, a change from an average of 30 before. Bank account holders are being told they could save up to £600 by switching their accounts to other providers.
The move follows a report from the Independent Commission on Banking from 2011, which recommended making it easier to switch in a bid to encourage greater competition among banks.
Perhaps Barclays might consider changing their Corporate Description in the near Future.
Barclays is a major global financial services provider engaged in personal banking (scoring 4 /10), credit cards ( we will even add PPI you dont need ), corporate and ( Libor rigging at no extra cost ) and wealth and investment management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide … cough
Barclays Financial Scandals
Barclays receiving upto 1,500 PPI complaints Per Day
Years after the controversial financial instruments have ceased being issued, PPI complaints are still flooding into the Financial Ombudsman Service each and every day, and current and former Barclays customers are leading the charge. In fact, the latest report states that the large financial institution receives more than 1,500 complaints every single day.
Barclays fined £ 7m for mis-selling investments totalling £ 60m
The bank has been fined £7.7m by the Financial Services Authority and will pay up to £60m compensation to customers of two investment funds. One in seven of the 12,000 investors complained about the advice received from July 2006 to November 2008. Barclays accepted it had ‘let customers down’ and has apologised.
Barclays pays out £ 1.5m in compensation over mis-sold interest rate swaps
Barclays is to pay £1.5 million in compenation for a mis-sold interest rate swap according to the Guardian. The case has been in court for the past 3 years over an interest rate swap sold to a holiday resort owner in Cornwall.
Barclays increases funds for mis-selling compensation
It is understood that Barclays will be topping up its mis-sold financial compensation funds. The current mis-sold comensation provisions stand at :
- Payment Protection Insurance : £ 2.6bn
- Interest Rate Swaps : £ 850mil
Although unconfirmed at the moment, we believe that Barclays will increse the provisions for Interest Rate Swap mis-selling to £ 1 billion.
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
Latest posts by Tim Capper (see all)
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- FCA updates PPI redress for 2.5 million old PPI complaints - October 27, 2014