Financial services New FCA complaints data reveals issue with payment protection insurance

Today, the British Financial Conduct Authority (FCA) presented its new complaints data about financial services firms. This data relates to the second half of 2017 and includes data from firms that report 500 or more complaints within the reporting period.

These are the central figures:

  • A total of 3.76 million complaints were received representing an increase of 427,032 compared to the first half of 2017.

  • Complaints about payment protection insurance (PPI) are the main contributing factor to total complaints. Excluding PPI, the number of complaints received by firms was merely 2.21million and with that around 13,000 fewer than in the first half of 2017.

  • Moreover, PPI complaints rose by 40 percent to an amount of 1.55 million within the reporting period. This represents the highest level in more than four years.

  • In January 2018, firms paid out 415.8 million pounds in redress to customers who complained about PPI, which marks the highest figure since March 2016.

  • Following PPI, most complaints are related to current accounts (509,047 complaints) – followed by credit cards (314,586 complaints).

Christopher Woolard, Executive Director of Strategy and Competition, commented: “Having set a deadline for PPI complaints, we are encouraging consumers to decide whether they want to claim, and if they do, to make their complaint as soon as possible, as many already have. We are continuing to monitor and challenge all firms to ensure they maintain the expected standards and are delivering on their commitments to make it easy for people to complain about PPI. When PPI is taken out of the mix, the numbers of complaints firms are receiving has remained stable. Firms should be doing all they can to reduce complaints and ensure they are treating customers fairly.”

Source: Financial Conduct Authority

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