Complaints Publication Report

Firm name: West Bromwich Building Society
Period covered in this report: 1st October 2016 to 31 March 2017
Brands/trading names covered: West Bromwich Building Society

Number of complaints opened by volume of business
Product / service grouping Provision (at reporting period end date) Intermediation (within the reporting period) Number of complaints opened Number of complaints closed % closed within 3 days % closed after 3 days but within 8 weeks % upheld Main cause of complaints opened
Banking and credit cards 0.65 complaints per 1,000 accounts N/A 290 280 62.5% 37.5% 37.5% General admin/customer service
Home finance 6.54 complaints per 1,000 balances outstanding N/A 159 157 45.9% 53.5% 33.1% General admin/customer service
Insurance and pure protection 25.01 complaints per 1,000 policies in force N/A 330 231 5.2% 94.8% 36.8% Advising, selling and arranging
Decumulation and pensions N/A N/A 0 0 0.0% 0.0% 0.0% N/A
Investments 4.79 complaints per 1,000 client accounts N/A 23 17 11.8% 88.2% 5.9% Advising, selling and arranging
Credit Related N/A N/A 0 0 0.0% 0.0% 0.0% N/A

Information on complaints is detailed in an agreed format in line with the Financial Conduct Authority. In relation to the categories for specific products, you may find the following notes helpful:

  • Banking and credit cards - this covers complaints relating to savings accounts, including cash ISAs.
  • Home Finance - this covers complaints relating to loans secured against a property, such as mortgages, secured loans and equity release products.
  • Insurance and pure protection – this covers complaints relating to house insurance, payment protection, income protection, life and critical illness insurance.
  • Decumulation and pensions – this covers complaints relating to pension products and endowment policies. Decumulation is a term used to describe the process of converting your pension assets into pension income or, as it is more commonly known, an annuity.
  • Investments – this covers complaints relating to investments into specialist areas, such as unit trusts, investment bonds, stocks and shares ISAs.

In our core areas of savings and mortgages, we received 40% less complaints compared with the previous reporting period.

Along with other financial organisations, we have continued to receive a large number of complaints regarding Payment Protection Insurance (PPI). 93% of all our insurance complaints for this period related to PPI. We also received a large number of speculative complaints from customers who never held this insurance with us - these are therefore not included in this report.