What is the Worst Bank in the UK?

Following the release of customer complaints figures, this week on the Kiran Trivedi blog I ask; what is the worst bank in the UK?

Let Customer Complaints Be Your Guide

One vital step to making sure you protect your personal finances, is to ensure that you put your money in the right bank. That is because the bank ultimately has control over your money, which means that if they’re incompetent, they’re more likely to make errors with said money. This could impact your personal finances in a thousand small ways.

So how do you judge efficiency in the banking sector? You do what any wise consumer would do – your research! The best research you can possibly do is look at what people are saying about the bank, as the best way to measure their capabilities is to look at the customer service they provide. Let customer complaints be your guide.

Which Five UK Banks Received the Most Customer Complaints?

Or in this case, the volume of customer complaints, as logically, the more customers who complain the worse the bank in question probably is. As luck would have it, the financial ombudsman released customer complaints figures for banks recently, outlining which are the five most complained about banks in the UK.

For the six month period from 1^st January - 30^th June 2014, Lloyd’s Banking Group received the most complaints – 30,768. This was followed by the Barclays with 26,955, HSBC Group with 12,429, Santander with 7,876 and Nationwide Building Society with 4,886.

Which Bank Resolved The Most Customer Complaints?

Let’s be fair to Lloyd’s, yes statistically, they may be the worst bank in the UK, but the Group is also the largest. With over 30 million customers, Lloyd’s Banking Group includes banking heavyweights such as Lloyd’s TSB, The Royal Bank of Scotland and Cheltenham and Gloucester.

However, the figures go on to show that you can’t excuse the group just for its size. Not only did it receive the most complaints, but it only resolved 66% of them. Barclays, which has 15 million customers, resolved the same number of complaints, whilst HSBC Group, which has 16 million customers, managed to resolve 78%. If we’re basing the worst bank on number of complaints resolved, this crown has to go to Nationwide, who only resolved 12% of complaints.

Always be Wary of Banks!

So however you look at it, whether Lloyd’s or Nationwide are the worst banking groups in the UK, what you should learn, Kiran Trivedi readers, is to be wary of banks. As far as they are concerned, you should always be vigilant and do your research, if you want to make sure you protect your personal finances. 

Read More

How to Avoid the Latest Mobile Phone Scam

This week, Kiran Trivedi lets you know how to avoid the latest mobile phone scam that has hoodwinked students up and down the country.

Students Should Be Careful About How They Try to Generate Cash on the Side

It’s no secret that as a student, you’re pretty cash strapped. It’s probably the poorest you’ll ever be in your life. That’s why many students take to trying to make a little money on the side to shore up their personal finances.

Yet not all money making avenues are good, and some can even leave you with less cash in your account than you started with. That’s certainly the case with the latest mobile phone scam.

What is the Latest Phone Scam Robbing Students across the UK?

According to the BBC, hundreds, perhaps even thousands of students have been taken in by an exorbitantly expensive phone scam. Essentially, students are being persuaded to take out phone contracts then sell these phones to a private company, who promise the student a portion of the income from the phone.

Seems harmless right? Wrong. In actual fact, you actually end up paying for the new phones debts, meaning you end up owing anything from £500 to £10,000. According to the news source, the scam is widespread. It has effected 350 students so far.

He’s Looking Really Sharp, Wearing a Nice Suit

So how can you protect yourself against this scam? In this case, the only measures you can take are preventative. You need to know about this scam so you are never taken in by it in the first place.

One student commented to the news source about how they had been hoodwinked, suggesting that "the guy from the company turned up to my Uni. He steps out of the car - and he's looking really sharp, wearing a nice suit - and he gave a really convincing sales pitch," and that’s how they persuaded him to take part in the scheme. It was simply too good to be true.

If something looks too good to be True, It Probably is.

We’ve come across a common theme when it comes to scams here, one you should always follow if you want to protect your personal finances. If it looks too good to be true, Kiran Trivedi, then it probably is. So the best way to protect yourself from this, or any other kind of phone scam is simply to use some common sense.  Oh and don’t think I’ve forgotten Kiran Trivedi readers; do your research!

Read More