Context
The FCA publish their complaints data every 6 months, usually around April and September. Within these data sets, the FCA provide firm-specific data for individual firms and aggregate, or total data at market-level. These data sets include submissions from firms reporting 500 or more complaints within a 6-month period, or firms reporting 1,000 or more complaints in a year.
Key points to note
In addition to the latest key findings the FCA also publish interactive dashboards containing tables and data visualisations exploring trends involving:
- the total 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
The FCA’s latest findings show:
- In 2021 H2 financial services firms received 1.84m complaints, 10% lower than in 2021 H1. This is the lowest level recorded since 2016 H2.
- The insurance and pure protection product group saw the largest decrease in complaints received by firms: from 890,000 complaints in 2021 H1 to 770,000 complaints in 2021 H2.
- Unlike in previous returns, the decrease in insurance and pure protection complaints was not driven by the drop in complaints about Payment Protection Insurance (PPI). Instead, it was consistent across all products. The exception was in warranties which has increased 18% from 44,329 to 52,091.
- Current accounts are still the most complained about products. The number of complaints for these increased 5% from 503,135 in 2021 H1 to 526,609 in 2021 H2. Other general insurance is the second most complained about product, but this fell 28% from 297,650 to 216,438.
Next actions
None – for information and awareness