Lloyds TSB, which is 40 % owned by British taxpayers after it was bailed out during the financial crisis, scooped the dubious gong of most complained about bank, with 391,272 complaints being lodged in the first six months of 2012.
Complaints to financial services companies soared by 59 % in the first half of 2012 as angry customers who were mis-sold Payment Protection Insurance or (PPI) hit back at those who conned them out of their cash by the ankles for compensation.
Paying out on PPI compensation had pushed Lloyds to a half year loss, forcing the bank to allocate an extra £700m to redress claims made against it.
In response to this wide spread dissatisfaction The Parliamentary Commission on Banking Standards Joint Select Committee held its first hearing on September 26 and took evidence from industry insiders on the mis-selling of derivatives. Its members will report on the state of the industry and what changes can be made to prevent scandals such as mis-selling in the future.
Written and presented by Ann Salter