The latest complaints data published by the Financial Conduct Authority (FCA) shows 2,479,029 new complaints were opened against financial services firms between July and December 2013. This marks a fall of 15% compared to the 2,911,154 complaints reported in the previous six months.
The top five complained about firms, in terms of the number of complaints opened in the second half of 2013, are:
Martin Wheatley, FCA chief executive, said:
”No firm wants to top this particular list and they all should be striving to ensure that customers are being treated fairly and not given cause to complain. This is an indication that firms seem to be putting customers at the heart of their business, however, there is clearly more for us all to do to show consumers their interests come first.”
The top five in terms of number of complaints opened in the second half of 2013, are:
By product group, the firms with the largest number of complaints opened in the second half of 2013 are:
Firms with the largest numbers of customers will often have the largest number of complaints.
PPI complaints alone accounted for 56% of all complaints, down from 62% in the first half of 2013.
The total amount of redress paid in the second half of 2013 was £2.65bn, an increase from £2.55bn in the first half of the year. 94% of all redress payments were paid for GI and pure protection products which include PPI.
The number of complaints about banking products, such as current accounts, savings accounts and credit cards, fell by 3% compared with the first half of 2013 to 558,991. This represented a 23% decrease since the second half of 2012 and is at the lowest half-yearly number of such complaints since H2 2006.
Within banking products, the decrease was driving by a fall in complaints about unregulated loans, down by 8%, credit cards where complaints dropped by 14% and savings and other banking products down by 16%. There was, however, a rise in the number of complaints about current accounts which increased by 8%.
Highlighting complaints data can only help to drive up standards in customer service and improve how firms deal with those who choose to trust them with their money.
The FCA collates that information and publishes it each spring and autumn, alongside aggregated figures covering the whole industry. The data, which can be found on the FCA website, is presented in two different formats: aggregate data showing the overall number of complaints made, and firm-specific data showing figures for individual firms reporting 500 or more opened complaints. These firms are also required to publish the data on their own websites.
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