FCA reveals jump in complaints to over 4 million

FCA data showed an increase in the number of complaints about regulated firms, with more than four million complaints during the first half of 2018. The regulator has today published the complaints figures for regulated firms for the first half of 2018.Complaints continued to increase for the fourth successive half year, reaching a new record level of 4.13 million complaints made to 3,161 firms. The surge represented a 10% increase compared with the previous 6-month period and 98% of the complaints were made to 235 firms.PPI continued to be the most complained about product, accounting for 42% of all complaints. The next most complained about products were current accounts (15%), credit cards (8%) and motor and transport insurance (6%).Excluding PPI, complaints increased by 9% (193,360) from the previous six months. Elsewhere the data showed redress per complaint had fallen for investments from £1,364 in H1 2017 and £916 in H2 2017 to £710 in H1 2018. Redress per complaint for decumulation and pensions had fallen from £631 in H1 2017 to £527 in H1 this year, but had increased from H2 2017 when it was £518. The regulator said “several high-profile cases of disruption to retail banking services” in the first half of the year had contributed to the increase in complaints to certain firms. The proportion of non-PPI complaints closed by firms within three business days had decreased, according to the report, with 58% of all complaints being resolved by firms in the first half of 2018 being done so within three business days in comparison to 59% in the last six months.Christopher Woolard, Executive Director of Strategy and Competition said: “Firms need to be doing all that they can to reduce complaints. “It is clear that firms need to look at the cause of the rise in complaints and address these issues to prevent further increases. “It should be a priority for firms to ensure good consumer outcomes are achieved and they should be making sure that they are taking the right steps to treat customers fairly.“We are encouraged to see that figures are showing that more consumers are making a decision on whether to complain about PPI.”

FCA reveals jump in complaints to over 4 million

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