| Link(s): | Complaints data | FCA Firm specific complaints data | FCA Aggregate complaints data: 2023 H2 | FCA |
Context
The FCA publishes its complaints data every 6 months, around April and October. It provides firm-specific data for individual firms and aggregate, or total, data at market-level. The 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. These complaints account for around 98% of all complaints that firms report to the FCA.
Key points to note and next actions
The key findings in the data include:
- In 2023 H2, financial services firms received 1.87m complaints, a decrease of 1% from 2023 H1 (1.89m). Since the Payment Protection Insurance (PPI) peak in 2020, complaints have stayed relatively constant between 1.8m and 2m.
- The product groups experiencing an increase in their complaint numbers were; banking & credit cards (up 3.2%); home finance (up 3.7%); investments (up 3.4%).
- The percentage of complaints upheld by firms decreased from 61% in 2023 H1 to 58% in 2023 H2.