Complaints
If you have a complaint, we want to resolve it.
Make a complaint
We work hard to provide you with the best customer service. If you think we have not met your expectations, we want to resolve it quickly and fairly.
How we deal with complaints
If you make a complaint, we will conduct a thorough investigation to enable us to deliver you a fair and timely resolution. In 2024, the Ombudsman agreed with how we dealt with 80% of member complaints.
We aim to investigate complaints as quickly as possible, following a regulatory deadline for a customer to receive a final response within 8 weeks. Once we reach a decision, we will contact you directly with the outcome and our reasons behind it.
We use complaints data to continually improve and make positive changes for the benefit of our members.
Complaints data
We share our complaints data with the Financial Conduct Authority (FCA) every 6 months. This ensures that there is transparency across all financial services.
Firm Name: Principality Building Society
Period Covered: 1 January 2024 - 30 June 2024
Brand/Trading Names Covered: Principality Building Society.
Complaints received 1 January 2024 – 30 June 2024
| Banking & credit cards | Home finance | Insurance & pure protection* | Decumulation & pensions | Investments * | |
|---|---|---|---|---|---|
| Provision (at reporting period end date) | 1.18 per 1,000 accounts |
4.90 per 1,000 balances outstanding | N/A | N/A | N/A |
| Intermediation (within the reporting period) | N/A | N/A | 8.37 per 1,000 policies sold |
N/A | N/A |
| Number of complaints opened | 768 | 466 | 2 | N/A | 1 |
| Number of complaints closed | 809 | 480 | 2 | N/A | 1 |
| Percentage closed within 3 days | 51% | 45% | 0% | N/A | 0% |
| Percentage closed after 3 Days but within 8 weeks | 48% | 54% | 100% | N/A | 100% |
| Percentage upheld | 60% | 54% | 50% | N/A | 0% |
| Main cause of complaints opened | General admin / Customer Service | General admin / Customer Service |
Dispute over sums, charges | N/A | Product / Performance / Features |
* The Society no longer sells these categories of products, however continues to investigate and resolve any related complaints.
FCA product categories
In line with FCA requirements our Complaints report is broken down into 5 product categories:
- Current accounts
- Credit Cards
- Loans
- Savings (including Cash ISAs) and other banking
- Equity release products
- Impaired credit mortgages
- Other regulated home finance products
- Other unregulated home finance products
- Payment protection insurance
- Other general insurance
- Critical iIllness
- Income protection
- Other pure protection
- Personal pensions and FSAVCs
- Investment linked annuities
- Income drawdown products
- Endowments
- Other decumulation life and pensions
- PEPs/ISAs (excluding Cash ISAs)
- Investment trusts
- Unit trusts / OEICs
- Structured products
- Other investment products / Funds investment management / Services