| Link(s): | Complaints data | FCA |
Context
Every six months the FCA publishes data in relation to complaints. The two types of data published are firm specific and aggregate.
Firm specific data includes data from individual firms that have reported 500 or more complaints in a six-month period, or 1,000 or more in a year. These complaints account for around 98% of all complaints that firms report. Aggregate data includes all the complaints that firms report. Over 3,000 firms submit complaints data reporting one or more complaint.
Key points to note
Latest findings include:
- The insurance and pure protection product group saw the largest decrease in complaints received by firms (13%): from 1.01m complaints in H2 of 2020 to 0.88m complaints in H1 of 2021.
- The decrease in insurance and pure protection complaints continues to be driven by the tailing off of complaints about Payment Protection Insurance (PPI). There has also been a decrease of 63% in travel insurance related complaints after a spike in 2020 driven by Covid-19.
- In H1 of 2021 financial services firms received 2.04m complaints, 7% lower than in H2 of 2020. The lowest level recorded since H2 of 2016.
Alongside the key findings there are also tables included within the data which look at:
- the number of opened, closed and upheld complaints, in relation to the size of the market or firm
- the amount of redress paid
- the type of firm the complaint was about
- the type of product the complaint was about
- the reason for the complaint
Next actions
None – for information and awareness only