Complaints Publication Report

With over 500,000 customers, we pride ourselves on delivering excellent service. We know things can go wrong from time to time, and we value the opportunity to put things right. We view complaints as an important source of feedback on how we are doing, and how we can make things better.

As a mutual building society, we’re committed to doing the right thing for our customers and providing fair outcomes. Further to this, the Society is very proud of its record with the Financial Ombudsman Service. In 2017, the Ombudsman agreed with our decisions almost 9 times out of 10.

Our complaints data for the 6 month period ending 31 December 2017 is set out in the table below:

Firm Name: Principality Building Society
Period Covered: 1 July 2017 - 31 December 2017
Brand/Trading Names Covered: Principality Building Society.

  Banking & Credit Cards Home Finance Insurance & Pure Protection Decumulation & Pensions Investments
Provision (at reporting period end date) 0.7 per 1000 accounts 4.5 per 1000 balances outstanding N/A N/A N/A
Intermediation (within the reporting period) N/A N/A 463 per 1000 policies sold N/A N/A
Number of Complaints Opened 420 372 575 0 10
Number of Complaints Closed 426 381 583 0 11
Percentage Closed within 3 Days 78% 56% 45% 0 18%
Percentage Closed after 3 Days but within 8 Weeks 22% 44% 55% 0 73%
Percentage Upheld 67% 47% 8% 0 9%
Main Cause of Complaints Opened 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 6% of Mortgage Payment Protection Insurance complaints.
  • Investments - These complaints relate to historic sales by the Society and we no longer provide these type of products.

Full details of the FCA product categories.

Principality. Lle mae cartref yn bwysig.