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Complaints publication report

1 July 2011 to 31 December 2011

Firm Name Yorkshire Building Society
Other firms included in this report

Barnsley Building Society
Chelsea Building Society
Chelsea Mortgage Services

Period covered 1 Jul 11 to 31 Dec 11

 

Below is a table showing how many complaints Yorkshire Building Society received and dealt with from 1 July 2011 to 31 June 2011. The comparative figures show how these relate to the number of accounts or income in each grouping, to allow comparisons to be made with other financial organisations on a consistent basis.

Grouping No. of new Complaints Opened No. of Complaints Closed. Complaints closed within 8 weeks (%) Closed Complaints Upheld (%) by YBS
Banking 2,924 3,204 96.4% 32.8%
Home Finance 1,144 1,136 96.6% 41.9%
General Insurance & Pure Protection 1,544 1,410 92.1% 7.7%
Life, Pensions and Decumulation 161 183 45.4% 17.5%
Investments 125 773 15.5% 6.5%

The above figures include Complaints from Norwich & Peterborough Building Society (N&P) from 01 November 2011 and Egg Savings & Mortgages from 31 October 2011.

To put the above figures into context:

  • We have 3.47 million savings accounts and received 0.84 complaints for every 1000 accounts
  • Of the 344,486 mortgage accounts, we received 3.3 complaints for every 1000 mortgages
  • We received 194.4 general insurance and pure life protection complaints for every £1m of annual income. This figure is higher than normal due to the unprecedented level of mortgage payment insurance complaints, largely due to speculative claims from Complaint Management Companies
  • Our complaints regarding Life, Pensions and Decumulation relate to historic sales pre 2000. Since 2000, the Society has introduced customers to Legal & General for the appropriate Investment advice. The Chelsea introduces customers to Aviva
  • For every £1m of Investment income, we received 10.6 complaints. The figures for Investments include complaints received by N&P which relate to Keydata. This was an investment product that N&P sold via its Financial Advice Service and which went into administration in 2009. Whilst both the Financial Services Compensation Scheme and N&P worked with the FSA to resolve the issue for affected customers, N&P also received a high number of complaints (approximately 800) from customers concerned that they had lost their investments

Complaints are very important to us even though they represent a very small number in relation to our total customer base. We endeavour to deal with these as quickly and fairly as possible and we have developed our process for handling complaints with the customer at its heart. If you have any reason to complain, please contact us and we will do our utmost to resolve the matter with you.

The Financial Ombudsman Service also publish complaint data regarding the number of complaints received and the proportion upheld by the Ombudsman for individual firms. Details can be found at the Financial Ombudsman Service publication of complaints data.

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