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Financial services complaints drop 5% 25 September 2014

New figures from the Financial Conduct Authority (FCA) have shown a 5% reduction in complaints received by financial services companies in the first half of 2014.

There were 2,358,732 complaints between January and June 2014, compared to 2,493,729 in the previous six months.

Payment protection insurance (PPI), current accounts and general insurance were the most complained about products and services, receiving 1,236,899, 319,505 and 318,502 complaints respectively.

PPI accounted for 52% of all complaints and 78% of complaints about general insurance and pure protection products, despite an 11% decrease in the number of complaints compared to the previous six month period.

The total amount of redress paid out dropped 12% from £2.65bn in the second half of 2013 to £2.34bn in the first half of 2014, mainly due to a 17% fall in the number of complaints closed about general insurance and pure protection products (including PPI).

Christopher Woolard, director of policy, risk and research at the FCA, said: “It’s important that firms now get on top of the issues that are driving complaints.

“Although it’s encouraging to see the total number of complaints fall, there is clearly further work to be done to ensure that consumer interests come first.”

Barclays was the most complained about bank, receiving 278, 426 complaints, followed by Bank of Scotland (265,640), Lloyds Bank (264,115), National Westminster Bank (140,342) and Santander (135,611).

Despite receiving the second-highest number of complaints, Royal Bank of Scotland still experienced a 46% decrease in the number of complaints compared to the previous six months.

 

 

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