British Financial Services Authority publishes complaints data

British financial services firms are required to report to the FSA every six months on the number of complaints they receive and how they handle them. Yesterday the FSA published aggregated complaints data for the second half of 2010 (H2). The data shows that the total overall number of complaints increased by 3 percent to 1,795,182 in 2010 H2. In particular complaints about payment protection insurance increased by 63 percent to 434,596. The percentage of upheld complaints has increased from 26 percent in 2010 H1 to 49 percent in 2010 H2.

Oliver Morgans, financial services expert at Consumer Focus said: “The spotlight has been on profits and bonuses, but today’s figures indicate something is very wrong not just with customer service but with how financial services are designed and sold. The unnecessary complexity of many accounts, policies and fees often leads to customers getting a raw deal.”


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Source: FSA and Consumer Focus