ao link
0 £0.00
This item was added to your basket
Credit Strategy homepage
LinkedIn
Twitter
Intelligence, Insight and community for responsible professionals in credit

FCA data shows 4.29 million complaints for first half of 2019

The number of complaints against firms regulated by the Financial Conduct Authority (FCA) increased in complaints from 3.91m in the second half (H2) of 2018 to 4.29m for the first half (H1) of 2019, the regulator’s figures for the first half of 2019 show.

The increase in complaints was mainly driven by a 34 percent increase in the volume of payment protection insurance (PPI) complaints received, from 1.58 million to 2.12 million. PPI complaints made up 49 percent of all complaints received during this period, continuing to be the most complained about product.

 

While PPI complaints increased in the first half of 2019, there was a six percent drop in the number of non-PPI complaints, from 2.32 million in 2018 H2 to 2.18 million in 2019 H1. When PPI is taken out, the figures today are the lowest volume of complaints firms have received since new reporting rules came into effect in 2016.

 

Excluding PPI complaints, the most complained about products remain current accounts (14 percent of reported complaints) are credit cards at eight percent.

 

The average volume of complaints received per 1,000 accounts for banking and credit cards has decreased to 4.2, compared to 4.6 in 2018 H2. This was also the case for home finance, which decreased from 9.6 to 8.7 complaints per 1,000 mortgage accounts.

 

Overall, excluding PPI, the average redress per complaint upheld increased from £175 to £200 between 2018 H2 and 2019 H1.

Please login to continue reading this article.

Not a member?

Become a member

FREE registration. No credit card required

Register now
  • Stay up-to-date with industry news and appointments
  • Hear about events first
  • Read 1 free Premium article per month

Become a premium member

From as little as £3.48 per week

Become Premium
  • All the perks of a standard member plus:
  • Access to the entire Credit Strategy website
  • 12 months subscription to Credit Strategy Magazine
  • 25% discount to all conferences
  • Exclusive access to Premium Member only roundtables
  • 50% off award entry fees

GET THE LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

Upcoming events

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group