UK FCA Complaints Increase

On Oct. 29, UK FCA released data showing increase in complaints.

Level of Complaints

  • Increase shown for 4th successive half year, to record of 4.13mn, at 3,161 firms.
  • Increase of 10%, compared to previous 6-month period; 98% were to 235 firms.
  • PPI continued to be the most complained about, accounts for 42% of complaints.
  • Other complaints current accounts (15%), credit cards (8%), car insurance (6%).
  • Excluding PPI, complaints increased by 9% (193,360), from the prior 6-months.
  • There were several high-profile cases, of disruption to retail banking services in
    first half of 2018 which contributed to an increase in complaints to certain firms.
  • Proportion of non-PPI complaints closed by firms in 3 business days is decreased, with 58% of complaints resolved within 3 days, versus 59% over prior 6 months.