Today, the British Financial Conduct Authority (FCA) presented new complaint data regarding the financial services industry in the UK for the first half of 2016. Every six months, the FCA publishes consumer complaint data that refers to banking and credit cards, mortgages, general insurances as well as pension and investment services among others. Moreover, firms that receive 500 or more consumer complaints in that period are required by the FCA to display this information on their websites. Currently, the following developments can be observed:
- Compared to the previous period, financial services firms record a reduction in new complaints by 2.6 %. Between January and June 2016, the total number of complaints amounted to 2.05 million.
- Complaints with regard to current accounts decreased the most, that is by 10 % or in total by 46.000 complaints.
- The so-called payment protection insurance (PPI) is the financial product with the most complaints. With 0.93 million complaints PPI continues to make up the majority of consumer notifications compared to previous periods.
Christopher Woolard, Director of Strategy and Competition at FCA, noted: “To see another six months of reduction in the total number complaints is encouraging. Firms still need to continue to ensure they are doing all they can to reduce consumer dissatisfaction, but the figures show firms are taking our feedback seriously."
Source: Financial Conduct Authority