The Financial Conduct Authority (FCA) today revealed that the number of complaints regarding regulated firms has increased from 4.29 million in the first half (H1) of 2019 to 6.02 million in the second half of 2019 (H2).
There were surely no surprises at the most complained about product of H2 which was once again PPI, but, beyond this, the FCA recorded that there was a 6% increase in all other complaint volumes compared with 2019 H1, moving from 2.18 million to 2.31 million.
Excluding PPI complaints, the most complained about products were current accounts (10% of all complaints), credit cards (6%), while 5% of all complaints received were regarding general insurance products.
Overall, during this period and excluding PPI, the average redress per complaint upheld decreased from £200 in 2019 H1 to £184 in 2019 H2.
The main driver in the overall increased number of complaints received during this timeframe was attributed to a 75% increase in the volume of PPI complaints received and these complaints made up a staggering 62% of all complaints received during the period. This is up 13% from H1 of 2019 when PPI represented 49% of the complaints received.
The FCA revealed that this is the highest level of PPI complaints reported by firms, and that this aligns with the deadline for submitting claims of August 29, 2019.
