FCA complaints data for second half of 2017
Written on 10/08/2018
3.7million complaints to firms in just six months!
If you are looking for a prediction on the future of regulation, you need look no further than the FCA press release issued on 19 April 2018. This is related to the publication of complaints data relating to the period from 1 July 2017 to 31 December 2017.
The press release links to FCA webpages on:
- Aggregate complaints data. This page contains information on the complaints that firms reported to the FCA, including the most-complained about products, the main reasons for complaints and outcomes for consumers.
- Firm-level complaints data. This webpage contains data from firms that report 500 or more complaints within the period from July 2017 to December 2017, or 1,000 or more for an annual reporting period.
In total, an astonishing 3.76 million complaints were recorded by firms in the second half of 2017.
This compares to 3.32 million in the first half of 2017.
Payment protection insurance (PPI) aside, the number of complaints to firms has remained stable, with around 13,000 fewer complaints than in the first half of 2017. Firms are reminded that they should be doing everything they can to reduce complaints and ensure they are treating customers fairly.
The highest level of complaints in over four years have been made regarding PPI, rising by 40% to 1.55 million. The total redress paid to consumers since January 2011 is now an eye watering £30 billion.
After PPI the most complained about products are current accounts (509,047 complaints) and next credit cards (314,586 complaints).
All news