Financial Ombudsman Service
Should you have a complaint that we are unable to resolve to your satisfaction you may refer it to the Financial Ombudsman at www.financial-ombudsman.org.uk, by letter to the Financial Ombudsman Service at Exchange Tower, London E14 9SR or by telephone on 0800 023 4 567 or 0300 123 9 123. Please click here for call charge information.
If you do not take up your complaint with us first, you will not be entitled to refer it to the Financial Ombudsman Service.
To encourage the use of online dispute resolution (ODR) there is an ODR platform created by the EU commission which allows consumers to submit their complaint through a central site which will forward the complaint to an appropriate alternative dispute resolution scheme. In this case it would be the Financial Ombudsman Service (FOS). You can contact the FOS directly using the contact details given above. For more information about ODR please visit ec.europa.eu/odr
Publication of Complaints Data
The Financial Conduct Authority (FCA) requires all companies regulated by them to publish high level information relating to complaints. The information is published twice a year for the period 1 January to 30 June and 1 July to 31 December. The FCA also requires firms to breakdown the nature of such complaints into product categories. Currently all complaints received by Vanquis Bank relate to Banking and Credit Cards, Loans and Insurance.
Complaints Publication Report
Firm name: Vanquis Bank Limited
Group: (if applicable): N/A.
Other firms included in this report (if any): N/A
Period covered in this report: 1 July to 31 December 2016
Brands/trading names covered: Alloy, Aquis, Aquis Card, Argos Credit Card, Autograph, Avant, Aventura, Black Diamond, Cashmax, Chromatic, Chrome, Credit Tracker, Emporio, Fresh Start, Fuse, Granite, High Yield Account, ID Secure, Identity Secure, Igloo, Neo, Oneminuteresponse.co.uk, Origin, Original by Vanquis, Remember to Save, Satsuma, Storehouse, Value Saver, Vanquis, Vanquis Bank, Vanquis Bank Loans, Vanquis Bank Savings, Vanquis Card, Vanquis Classic, Vanquis Gold, Vanquis Insurance Services, Vanquis Loans, Vanquis Repayment Option Plan, Vanquis Savings, Vanquis Up & Up, Volt, XYLO.
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Number of complaints opened by volume of business |
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|
Product/Service Grouping |
Provision (at reporting period end date) |
Intermediation (with the reporting period) |
Number of Complaints opened |
Number of Complaints closed |
Percentage closed within 3 days |
Percentage closed after 3 days but within 8 weeks |
Percentage upheld |
Main causes of Complaints opened |
|
Banking and Credit Cards |
1.57 per 1,000 accounts per month |
N/A |
15733 |
17427 |
30.9 |
69.1 |
28.5 |
Advertising, Selling and Arranging (unclear guidance/arranging) |
|
Insurance |
N/A |
0.96 per 1,000 policies sold per month |
2 |
2 |
50 |
50 |
0 |
Advertising, Selling and Arranging (unclear guidance/arranging) |
|
Credit Related |
0.34 per 1,000 products per month |
N/A |
176 |
194 |
20.2 |
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Number of Complaints opened by volume of business
- Banking and Credit Cards - for the period 1 July to 31 December 2016 Vanquis Bank received on average 1.46 complaints per thousand (1,000) accounts per month.
- Credit related – for the period 1 July to 31 December 2016, Vanquis Bank received on average 0.23 complaints per thousand (1,000) credit related product per month.