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Complaints for regulated firms up by 1.73 million in H2 2019

Jessica Bird

April 16, 2020

complaints

Complaints figures for regulated firms increased from 4.29 million in the first half of 2019 to 6.02 million in the second half, according to data released by the Financial Conduct Authority (FCA).

 

The increase was partly driven by a 75% increase in the volume of payment protection insurance (PPI) complaints received, from 2.12 million to 3.71 million.

PPI accounted for 62% of all complaints received during this period; this was the highest level of PPI complaints reported by firms, aligning with the August 2019 deadline for submitting claims.

The FCA’s data fewer PPI complaints were closed in eight weeks, down from 76% in H1 to 56% in H2; 50% were upheld in H2, compared with 54% in H1.

There was a 6% increase in all other complaint volumes in the second half of 2019, from 2.18 million to 2.31 million.

Other than PPI, the most complained about products were current accounts (10%), credit cards (6%) and other general insurance products (5%).

Complaints about home finance products decreased from 8.7 to 8.4 complaints per 1,000 balances outstanding, while investment products increased from 2.1 to 2.3.

Overall, excluding PPI, the average redress per complaint upheld decreased from £200 in the first half of the year to £184 in the second.


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