FCA: Number of consumer complaints drops by 15%

Latest numbers published by the British Financial Conduct Authority (FCA) reveal that the number of customer complaints has fallen by 15% in the second half of 2013 compared to the beginning of the year. As such, the FCA registered a total of approx. 2.5 million consumer complaints between July and December 2013.

Specifically, the numbers show: 

  • Complaints about payment protection insurances account for 56% of all complaints.
  • The total amount of compensation paid by financial service providers amounted to £2.65bn.
  • Complaints about banking products, such as current or saving accounts or credit cards, declined by 3% to the lowest half-year number since 2006.

Martin Wheatley commented on this: “No firm wants to top this particular list and they all should be striving to ensure that customers are being treated fairly and not given cause to complain.  This is an indication that firms seem to be putting customers at the heart of their business, however, there is clearly more for us all to do to show consumers their interests come first.”

Further information can be found here.

Source: Financial Conduct Authority (FCA)