FCA tells firms to address increase in formal complaints

That was a 10% increase compared with the previous six month period, with 98% of the complaints made to just 235 firms.

PPI was still the most complained-about product, accounting for 42% of all complaints.

The next most complained about products were current accounts at 15%, credit cards at 8%, and motor and transport insurance at 6%.

Excluding PPI, complaints increased by 9%, or 193,360, from the previous period.

The FCA said there had been several high-profile cases of disruption to retail banking services in the first half of the year, which contributed to the increase in complaints to certain firms.

The proportion of non-PPI complaints closed by firms within three business days had decreased, with 58% of all complaints being resolved by firms in the first half of 2018 being done so within three business days, compared to 59% in the prior six months.

“Firms need to be doing all that they can to reduce complaints,” said the FCA’s executive director of strategy and competition Christopher Woolard.

“It is clear that firms need to look at the cause of the rise in complaints and address these issues to prevent further increases.”

Wollard said it should be a priority for firms to ensure good consumer outcomes were achieved, adding that they should be making sure they were taking the right steps to treat customers fairly.

“We are encouraged to see that figures are showing that more consumers are making a decision on whether to complain about PPI.”