Data that has just been published by the Financial Conduct Authority (FCA) shows that UK financial services firms received 2.11 million new complaints between July and December 2015.
The number marks a drop of 1.4% when compared to the first half of 2015, with the decline mainly driven by a 10% drop in complaints about current accounts and a 15% drop in complaints about savings accounts.
Payment Protection Insurance (PPI) is still the most complained about product, with complaints about PPI rising by 6% in the current period.
Christopher Woolard, Director of Strategy and Competition said:
“It is positive to see that the longer term reduction in the volume of complaints has continued into the latest period. Firms seem to have taken on board our previous feedback on levels of complaints and we are slowly seeing firms address these issues.
However, firms still need to do all they can to reduce complaints and ensure that they are working in the best interests of consumers.”
The total redress paid to consumers was £1.97 billion between July and December 2015, slightly lower than the £1.98 billion paid between January and June 2015. This decline reflected mostly a 2% fall in payments related to general insurance and pure protection products.
The top five most complained about products and services between July and December 2015 were:
- Payment protection insurance – 932,298 complaints (a rise of 6% from H1 2015);
- Current accounts – 454,276 complaints (down 10% from H1 2015);
- Other general insurance – 296,505 complaints (down 3% from H1 2015);
- Credit cards –132,988 complaints (up 9% from H1 2015);
- Savings, including cash ISAs, and other banking – 67,546 complaints (down 15% from H1 2015).
The top five most complained about firms between July and December 2015 are:
- Barclays Bank Plc – 279,561 complaints;
- Lloyds Bank Plc – 230,041 complaints;
- Bank of Scotland Plc – 182,702 complaints;
- National Westminster Bank Plc – 135,262 complaints;
- HSBC Bank Plc – 120,986 complaints.
The FCA publishes complaints data received from firms every six months. The regulator requires firms which receive 500 or more complaints in a six-month period to make the information public on their websites.
You can view the full announcement from the FCA by clicking here.