The FCA has revealed that regulated firms received 4.29 million complaints in the first half of 2019 (H1), showing a 10% increase from the 3.91 million complaints made in the second half of 2018 (H2).
The regulatory body has suggested the rise in complaints was mainly driven by a 34% increase in the volume of payment protection insurance (PPI) complaints received – from 1.58 million in 2018 H2, to 2.12 million in 2019 H1. PPI complaints made up 49% of the total complaints received during this period, continuing to be the product most complained about.
While PPI complaints increased in the first half of 2019, there was a 6% decrease in the amount of non-PPI complaints – dropping from 2.32 million in 2018 H2, to 2.18 million in 2019 H1.
When PPI is not considered, the latest figures are the lowest volume of complaints that firms have received since new reporting rules came into effect in 2016.
The FCA has also revealed the most complained about products after PPI, which were still current accounts – representing 14% of all reported complaints – and followed by credit cards (8%), and motor and transport insurance (6%).
With PPI complaints on the rise, the average volume of complaints received per 1,000 accounts for banking and credit cards showed a decrease, to 4.2, compared to an average of 4.6 in 2018 H2. This was also the case for home finance, which decreased from 9.6 to 8.7 complaints per 1,000 mortgage accounts.
In total and excluding PPI, the average redress per complaint upheld showed an increase from £175 in 2018 H2, to £200 in 2019 H1.
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