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.