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 2020, the Ombudsman agreed with our decisions more than 9 times out of 10.

Our complaints data for the 6 month period ending 31 December 2020 is set out in the table below:

Firm Name: Principality Building Society
Period Covered: 1 July 2020 - 31 December 2020
Brand/Trading Names Covered: Principality Building Society.

  Banking & Credit Cards Home Finance Insurance & Pure Protection Decumulation & Pensions Investments
Provision (at reporting period end date) 1.24 per 1,000 accounts 5.19 per 1,000 balances outstanding N/A N/A N/A
Intermediation (within the reporting period) N/A N/A 44.32 per 1,000 policies sold N/A N/A
Number of Complaints Opened 758 469 16 N/A 2
Number of Complaints Closed 738 601 20 N/A 3
Percentage Closed within 3 Days 58% 45% 45% N/A 0%
Percentage Closed after 3 Days but within 8 Weeks 42% 54% 55% N/A 67%
Percentage Upheld 53% 53% 20% N/A 67%
Main Cause of Complaints Opened General admin/Customer Service General admin/Customer Service Advising, selling and arranging N/A Advising, selling and arranging

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 - The Society no longer sells this product and a small number of policies remain in force.
  • Insurance - The Society stopped selling Life insurance directly at the end of June 2020. Customers were referred to 3rd Party Company for all discussions/sales.
  • 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. Where home matters.