Angry TSB customers who suffered a string of failures at the bank last year have complained to the Financial Ombudsman Service (Fos) in their thousands – with the vast majority winning compensation.
The bank features in a rogues’ gallery of most-complained-about financial companies, out today, that counts complaints from July to the end of 2018.
During the time consumers were hit with IT problems, the chief executive of TSB Paul Pester was forced to admit had put the lender “on its knees”, before he stepped down over the fiasco.
In six months, 4,849 customers complained to the bank about its current account service, an increase of almost 200pc on the period before the botched IT upgrade.
The Fos ruled in favour of TSB current account holders and paid them compensation in 93pc of cases. This is three times the uphold rate for other comparable banks.
To bring a case to the FOS, consumers first have to complain to the financial services company to give it the opportunity to right the wrong. Where it refuses to do so, after eight weeks the customer can ask the Ombudsman to intervene.
The startlingly high uphold rate suggests in many cases TSB could have resolved the complaint and paid out compensation to customers much earlier.