The FCA has published its latest complaints data which shows that overall complaints decreased by 2.1% compared to the previous six months, driven by the fall in payment protection insurance (PPI) related complaints, but banking and credit card complaints increased.
The FCA notes that when PPI is excluded, complaints continued to increase, this time by 11.6% to 1,255,166 between the second half of 2014 and the first half of 2015. According to the FCA this increase was mainly caused by a 21.8% rise in the number of complaints relating to the group of products containing banking and credit cards over the six months to the end of June and specifically by the advising, selling and arranging of these products which more than doubled from 133,922 in second half of 2014 to 276,071 complaints in first half of 2015.
The top five most complained about products and services in the first half of 2015 were:
- payment protection insurance. Down 16.6% compared to the previous six months;
- current accounts. Up 31.2% compared to the previous six months;
- other general insurance. Down 4.3% compared to the previous six months;
- credit cards. Up 11.1% compared to the previous six months; and
- savings, including cash ISAs, and other banking. Down 6.4% compared to the previous six months.
Christopher Woolard, director of strategy and competition, said:
“While the ongoing fall in PPI complaints is welcome, this is the second half-year running that we have seen complaints about banking products rise. It is clear that firms need to look at the causes for this rise and where necessary take action to address the causes of the trend. Ensuring good consumer outcomes should be at the heart of firms’ activities and we want to see complaints fall in the future as firms seek to ensure that consumers get the right products and services.”
View Overall complaints fall by 2.1% but banking and credit card complaints increase, 29 September 2015