trending Market Intelligence /marketintelligence/en/news-insights/trending/bOftNn5yXt4ZXPAzMY8alA2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Ombudsman upholds 9 out of 10 complaints against UK bank TSB in H2'18

Blog

Banking Essentials Newsletter: May Edition

Blog

Latin American and Caribbean Market Considerations Blog Series: Focus on IFRS 9

Blog

Banking Essentials Newsletter: April Edition - Part 2

Blog

The Evolution of Cloud Banking: Successful Implementation & Frameworks


Ombudsman upholds 9 out of 10 complaints against UK bank TSB in H2'18

A far higher proportion of complaints made against TSB Bank PLC in the second half of 2018 were resolved in favor of customers than those made against other large U.K. banks, new figures show.

TSB, which endured a costly botched IT migration in April 2018, received 5,764 new complaints during the period, of which 89% were resolved by the Financial Ombudsman Service in favor of customers.

The bank, which is owned by Spain's Banco de Sabadell SA, experienced technical issues when it transferred 1.3 billion customer records to a new banking platform from the legacy IT systems of former parent Lloyds Banking Group PLC. The fiasco led to numerous customer complaints, badly denting the TSB brand.

Bank of Scotland PLC and Lloyds Bank PLC were the most complained-about banks during the period, with the ombudsman receiving 19,538 and 15,848 cases, respectively, against them. However, only 14% and 16%, respectively, were resolved in the customers' favor.

Prudential Assurance Co. Ltd. received the most complaints among large U.K. insurers, with 309 in total, 12% of which were resolved in favor of consumers.

SNL Image

SNL Image

Enjoyed this analysis?

Click here to set up real-time alerts for data-driven articles on any region of interest.