FCA updates complaints data

The FCA has published updated complaints data based on returns from then nearly 300 firms reporting at least 500 complaints within 6 months or 1000 within a year. Key findings from the 2023 H2 data include:

• Complaints decreased by 1% from 2023 H1 to 1.87 million. Since 2020 and a peak following PPI, complaints have stayed between 1.8 million and 2 million.
• Three product groups experienced an increase in their complaint numbers:
  • Banking and credit card complaints were up 3.2%;
  • Home Finance complaints increased by 3.7%; and
  • Investments-related complaints were up by 3.4%.
• Two product groups experienced a decrease in their complaint numbers:
  • Decumulation and pensions decreased by 2.8%; and
  • Insurance and pure protection decreased by 5.8%.
• In relation to specific products, most saw a decrease in the number of complaints, but current accounts and motor and transport complaints both rose by 1% and credit cards rose by 7.5%. Between them these three groups accounted for around 1 million of the complaints received in H2.
• The percentage of complaints that were upheld decreased by 3% from 2023 H1 to 58%.
• The total amount of redress was £259m, a 10% increase on 2023 H1.