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 2023, the Ombudsman agreed with our decisions 8 times out of 10.

Our complaints data for the 6 month period ending 31 December 2023 is set out in the table below.

Firm Name: Principality Building Society
Period Covered: 1 July 2023 - 31 December 2023
Brand/Trading Names Covered: Principality Building Society.

  Banking & Credit Cards Home Finance Insurance & Pure Protection Decumulation & Pensions Investments
Provision (at reporting period end date) 1.44 per 1,000 accounts 4.18 per 1,000 balances outstanding N/A N/A N/A
Intermediation (within the reporting period) N/A N/A 12.44 per 1,000 policies sold N/A N/A
Number of Complaints Opened 903 507 5 N/A 1
Number of Complaints Closed 860 492 7 N/A 1
Percentage Closed within 3 Days 56% 55% 14% N/A 0%
Percentage Closed after 3 Days but within 8 Weeks 44% 45% 86% N/A 100%
Percentage Upheld 59% 58% 43% N/A 0%
Main Cause of Complaints Opened General admin /Customer Service Information, sums / charges or product performance General admin / Customer Service N/A General admin / customer service

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.

Full details of the FCA product categories.

If you wish to make a complaint, you can view details of our complaints process on our page: How to Complain.

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