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FCA: Consumer complaints fall by 15%

Lucinda Beeman
Written By:
Lucinda Beeman
Posted:
Updated:
05/12/2014

Consumer complaints against financial services firms fell 15 per cent in the second half of 2013, according to the FCA.

Barclays topped the list of most complained about firms, despite a decrease of 17 per cent since the first half of 2013. Lloyds Bank, MBNA Limited, Bank of Scotland and National Westminster Bank rounded out the top five. The FCA noted that firms with the largest number of customers will often have the largest number of complaints.

Martin Wheatley, FCA chief executive, said: “No firm wants to top this particular list and they should all be striving to ensure that customers are being treated fairly and not given cause to complain. This is an indication that firms seem to be putting customers at the heart of their business- however, there is clearly more for us all to do to show consumers their interests come first.”

PPI inspired the most action, accounting for 56 per cent of all complaints. £2.65 billion in redress was paid out in the second half of 2013, an increase from the £2.55 billion paid out in the first six months.

The number of complaints about banking products fell by three per cent. The decrease was driven by a fall in complaints about unregulated loans, credit cards and savings accounts. There was, however, a slight rise in the number of complaints about current accounts. Regardless, complaints about banking products are at their lowest number since 2006.