Context
The FCA has published details of complaints received by banks, insurers, lenders and other firms, and what those complaints were about for the first half (H1) of 2021.
Being transparent about the number of complaints which 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 regulated firms. Two different types of data are published every six months: firm specific data for individual firms and aggregate (or total) figures for the industry.
Key points to note
The latest findings:
- Firms received 2.96m complaints in 2020 H1
- 52% lower than in 2019 H2 (6.10m complaints)
- At the lowest levels recorded since H2 2016
- The insurance and pure protection product group saw the largest decrease in complaints received by firms
- Decrease from 4.68m complaints in H2 2019 to 1.80m complaints in H1 2020
- The largest decrease was for Payment Protection Insurance (PPI), from 3.85m complaints received in H2 2019 to 1.09m in H1 2020
- This follows the passing of the PPI deadline (29 August 2019) set by the FCA
- The volume of all other complaints (excluding PPI) decreased by 20% in H1 2020 when compared with H2 2019, from 2.25m to 1.87m.
- After PPI, the most complained about products in H1 2020 were current accounts (16% of all complaints), credit cards (8%) and other general insurance products (7%).