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Overall, there was a decrease of 1.4% in the number of complaints compared to the previous six months which was mainly driven by a 10% drop in complaints about current accounts and a 15% drop in complaints about savings accounts.
When payment protection insurance (PPI) is excluded, the number of complaints between July and December 2015 is reduced to 1.17 million. Payment Protection Insurance (PPI) remains the most complained about product, with complaints about PPI rising by 6% in the current period. Although current accounts saw one of the largest reductions in complaints numbers, they are still the second most complained about financial product in the period covered.
Christopher Woolard, Director of Strategy and Competition said:
“It is positive to see that the longer term reduction in the volume of complaints has continued into the latest period. Firms seem to have taken on board our previous feedback on levels of complaints and we are slowly seeing firms address these issues.
“However, firms still need to do all they can to reduce complaints and ensure that they are working in the best interests of consumers.”
The total redress paid to consumers fell to £1.97 billion between July and December 2015 which is slightly lower than the £1.98 billion paid between January and June 2015.
The fall in redress payments was mainly due to a 2% fall in payments related to general insurance and pure protection products, which includes PPI. This accounted for almost 82% of complaints redress payments.
Other product categories saw a reduction in redress payments between July and December 2015, except for banking and credit cards which increased by almost 27% and home finance which increased by 17%.
The top five most complained about products and services between July and December 2015 were:
Although we do not currently publish the number of complaints by number of customers or number of accounts – to put their figures into context in relation to the size of their business – we advise firms do so on their own websites.
We will be providing more contextualisation information in future publications and will be requiring firms to publish this on their own websites (rather than doing so on a recommended basis) from February next year.
The top five most complained about firms all saw a reduction in levels of complaints received between July and December 2015:
By product group, the firms with the largest number of complaints opened in 2015 H2 were:
Banking and credit cards
Home finance (mortgages and equity release products)
General insurance and pure protection (including payment protection insurance)
Decumulation, Life and Pensions
The FCA publishes complaints data received from firms every six months, alongside aggregated figures covering the whole industry. The FCA requires firms which receive 500 or more complaints in a six-month period to publish the information on their websites.
Source: Financial Conduct Authority