| | Total complaints | Total transaction volume |
|---|
| For payment service providers | 1,119,408 | 26,081,750,123,000 |
We are largely comfortable with the total complaints figure disclosed. However, total transaction volume is known to be incorrect. This is driven by:
- The PS-Complaints data “Table 3 – Contextualisation Metrics” being an optional field (only 301 of 1,490 firms reported a value), leading to an incomplete and inaccurate picture of the total volume of transactions across the industry.
- The PS-Complaints guidance states that firms should submit the transaction-level data in ‘000s, as opposed to whole numbers in other sections, leading to misreporting that significantly overstates the volume of processed transactions.
The UK Payments Market Summary 2024, published by UK Finance, indicates approximately 48.1 billion payment transactions in 2024, which further support that the transaction volume data submitted by firms in the PS-Complaints and reported under ‘Total transaction volume’ above is inaccurate.
Due to these inaccuracies, the transaction volume data should not be used for any purpose.
The FCA is currently consulting on a change to complaints reporting which would impact the PS-Complaints regulatory return via CP25/13. The intention of this is to ensure that the data from firms is accurate, consistent, and has a sufficient level of detail for us to analyse it effectively. The consultation period ended on 24 July 2025.
