| Link(s): | Complaints data | FCA Aggregate complaints data: 2022 H2 | FCA Firm specific complaints data | FCA |
Context
The FCA has released firm-specific complaints data for individual firms and aggregate, or total, data at market-level.
Key points to note
- In 2022 H2, financial services firms received 1.79m complaints, a decrease of 6% from 2022 H1 (1.91m).
- Insurance and pure protection saw a 10% reduction in complaints during the second half of 2022.
- The home finance product group saw the biggest increase (14%) in complaints received by firms, from 88,514 in 2022 H1 to 101,331 in 2022 H2.
- The percentage of complaints upheld decreased from 61% in 2022 H1 to 60% in 2022 H2. Before 2022 H2, the percentage of upheld complaints had been steadily rising since 2019 H2.
- In 2022 the total amount of redress fell 25%, from £304m in 2022 H1 to £228m in 2022 H2. This is a smaller decrease compared to the 2021 figures in which the total amount of redress fell 48%, from £568m in 2021 H1 to £294m in 2022 H2. This decrease can be largely attributed to insurance and pure protection which decreased by 55% from £91m in 2022 H1 to £41m in 2022 H2.
Next actions
None – for information and awareness.