Financial servicesFCA data: Payment protection insurance continues to generate the highest number of complaints

Today, the British Financial Conduct Authority (FCA) published aggregate complaints data for over 3,000 regulated firms in the United Kingdom for the second half of 2019. The figures show an increase of about 40 percent in the total volume of complaints to roughly six million between the first and second half of 2019.

These are further insights:

  • Altogether, 3,253 firms reported to the FCA upon receiving one or more complaints. 228 of these firms reported 500 or more complaints, accounting for almost 98 percent of all reported cases.

  • The overall increase of complaints was mainly driven by an increase of complaints about Payment Protection Insurance (PPI), which rose by 75 percent from 2.12 to 3.71 million.

  • From the overall 6.02 million complaints, 62 percent were related to PPI – in contrast to 41 percent in the year prior.

  • Without PPI complaints, the volume of all other complaints increased by only six percent from 2.18 to 2.31 million between the first and second half of 2019.

  • Hence, PPI constitute the most complained about financial product, followed by current accounts (ten percent of all complaints), credit cards (six percent) and other general insurance products (five percent).

Source: FCA

More information and the aggregate data