Complaints Publication Report

With over 500,000 members and customers we pride ourselves on delivering excellent service, however, things can go wrong and customers may wish to make a complaint. We value the opportunity to put things right and view complaints as an important source of feedback on how we are doing and where we can make improvements.

Our complaints data for the 6 month period ending 31 December 2016 is set out in the table below:

Firm Name: Principality Building Society
Period Covered: 1 July 2016 – 31 December 2016
Brand/Trading Names Covered: Principality Building Society.

  Banking & Credit Cards Home Finance Insurance & Pure Protection Decumulation & Pensions Investments
Provision (at reporting period end date) 1 per 1000 accounts 6 per 1000 accounts N/A N/A N/A
Intermediation (within the reporting period) N/A N/A 346 per 1000 policies in force N/A N/A
Number of Complaints Opened 546 477 281 0 7
Number of Complaints Closed 545 479 279 0 7
Percentage Closed within 3 Days 76% 60% 47% 0 43%
Percentage Closed after 3 Days but within 8 Weeks 24% 39% 52% 0 57%
Percentage Upheld 74% 61% 7% 0 29%
Main Cause of Complaints Opened Other general admin/Customer Service Errors/Not following instructions Unsuitable Advice N/A Unsuitable Advice

Due to changes in reporting rules made by the Financial Conduct Authority in June 2016, all complaints received by the Society are now reportable. This means that the amount of complaints reported above is higher than shown in historical reports.

To help put these figures in to context:

  • Insurance and Pure protection - 93% of these complaints relate to Mortgage Payment Protection Insurance. The Society no longer sells this product and a small number of policies remain in force. The Society upheld 3% of Mortgage Payment Protection Insurance complaints.
  • Investments - These complaints relate to historic sales completed before July 2009. Since 2009 the Society has introduced customers to Aviva and Legal and General for advice on investments. Our complaints regarding structured products relate to historic sales completed before 2013. We haven’t sold structured products since 2013.

Full details of the FCA product categories.

Principality. Where home matters.