Financial Conduct Authority (FCA) releases complaints figures for regulated firms for the first half of 2018Tuesday, October 30, 2018
Complaints made to regulated firms have risen to record levels with Payment Protection Insurance (PPI) continuing to be the most complained about product.
PPI complaint figures released
According to data released by the FCA, complaints against financial services companies rose by 10% on the last six months, with 42% of the total complaints being made about PPI. Current accounts, credit cards and motor and transport insurance are the next most complained about products at 15%, 8% and 6% respectively.
More than four million complaints were made in the first half of 2018 with 98% of them being made to just 235 firms.
In August 2017, the FCA imposed a deadline of 29 August 2019 to encourage consumers to make a decision on whether they wanted to make a PPI complaint. With the deadline fast approaching, it is perhaps unsurprising that more people than ever have put in a complaint.
As complaints have increased, it has become apparent that companies are getting worse at dealing with them. In the first half of 2018, 58% of non-PPI complaints were closed within three business days compared to 59% in the previous six months.
Christopher Woolard, Executive Director of Strategy and Competition at the FCA said, “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. We are encouraged to see that figures are showing that more consumers are making a decision on whether to complain about PPI.”
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