On 17 October 2019, the FCA published its latest complaints data which shows that overall complaints increased by 9.7% compared to the previous six months, driven by the increase in payment protection insurance (PPI) related complaints which continues to be the most complained about product.
However, the FCA notes that when PPI is excluded, complaints decreased by a 6% drop, from 2.32m to 2.18m. According to the FCA, when PPI is taken out of the equation, the present figures are the lowest volume of complaints that firms have received since new reporting rules came into effect in 2016.
Excluding PPI complaints, the top most complained about products and services in the first half of 2019 were:
- currents accounts – down 2% compared to the previous six months;
- credit cards – down 8% compared to the previous six months;
- motor and transport insurance – down 10% compared to the previous six months; and
- other general insurance – down 10% compared to the previous six months.
Overall, excluding PPI, the average redress per complaint upheld increased from £175 to £200 between the monitoring periods.