Complaints to the Financial Conduct Authority (FCA) continued to increase for the fourth successive half year in the first half of 2018, reaching a new record level of 4.13 million complaints made to 3,161 firms.
This figure is a 10% increase on the previous six-month period, with 98% of the complaints being made to just 235 firms.
PPI continued to be the most complained about product and accounted for 42% of all complaints, followed by current accounts which accounted for 15% of the complaints. Credit cards and motor and transport insurance were the third and fourth most complained about product, and accounted for 8% and 6% of all complaints respectively.
Excluding PPI, the number of complaints received increased by 9% (119,360) from the previous six-months. However, the regulator noted that there had been several high-profile cases of disruption to retail banking services in the first half of the year, which contributed to the increase in complaints to certain firms.
Furthermore, the number of non-PPI complaints closed by firms within three business days has decreased, with 58% of all complaints being closed within three days in H1 2018, compared to 59% in the second half of 2017.
FCA executive director of strategy and competition Christopher Woolard commented: “Firms need to be doing all that they can to reduce complaints. It is clear that firms need to look at the cause of the rise in complaints and address these issues to prevent further increases.
“It should be a priority for firms to ensure good consumer outcomes are achieved and they should be making sure that they are taking the right steps to treat customers fairly.”
The director noted that the authority is “encouraged” to see that figures revealed more consumers are making a decision on whether to complain about PPI.
Subscribe to our newsletter to receive breaking news by email.