For our size - with over 2 million savings and 200,000 mortgage accounts - we receive relatively few complaints, and seek to resolve those we do receive quickly and sympathetically.
Complaints to the Society are reported to the Financial Conduct Authority (FCA) and published every six months. Below are details from our most recent reporting period.
- In approximate terms, we received 1.26 complaints relating to banking and credit cards (which includes savings accounts) for every 1,000 corresponding accounts. For home finance, the level was 2.17 complaints for every 1,000 corresponding accounts. In both cases this is a reduction over the numbers reported for the previous six months.
- As a result of increased publicity in this area, we have seen an increase in the volume of complaints relating to the alleged mis-selling of Payment Protection Insurance (included in the ‘Insurance and Pure Protection’ section of the table). A large proportion of these complaints are speculative in nature, and across the whole of 2017 approximately 61% of reported complaints were cases where no policy had been provided by the Society. During the 2nd half of the year, the Society has pro-actively re-opened past complaints where compensation is due to customers on the basis of the ‘Plevin’ ruling (non-disclosure of commission), which has also inflated the half-year complaint numbers.
Firm name: Coventry Building Society
Period covered in this report: 1 July 2017 – 31 December 2017
Brands/trading names covered: the Coventry