| Link(s): Complaints data | FCA |
Context
The FCA believes that being transparent about the number of complaints that firms receive is helpful for the industry and consumers. Firms can compare their performance with their peers and consumers have an additional source of information about the firms the FCA regulates. The FCA publishes two different types of data every six months: firm specific data for individual firms and aggregate (or total) figures for the industry.
Key points to note
Latest findings
- In 2020 H2 firms received 2.19m complaints; 26% lower than in 2020 H1 (2.96m complaints). These are the lowest levels recorded since 2016 H2.
- The insurance and pure protection product group saw the largest decrease in complaints received by firms, from 1.8m complaints in 2020 H1 to 1.02m complaints in 2020 H2. Within this product group, the largest decrease was for Payment Protection Insurance (PPI), with a 77% decrease from 1.09m complaints received in 2020 H1 to 256,000 complaints in 2020 H2.
- Excluding PPI, the volume of complaints received by firms increased by 3.3% in 2020 H2 when compared with 2020 H1, going up from 1.87m to 1.93m.
- The most complained about products in 2020 H2 were current accounts (23% of all complaints), PPI (12%), credit cards (11%), other general insurance products (11%) and motor & transport insurance (9%).
Next actions
None – for information and awareness