You are here: Home - Credit Cards & Loans - News -

Complaints about financial companies up to 4.29m in first half of 2019

Written by: Emma Lunn
The increase in complaints was driven by the volume of payment protection insurance (PPI) complaints leading up to the 31 August deadline.

The Financial Conduct Authority (FCA) has published the complaints figures for regulated firms for the first half of 2019.

The data showed an increase in complaints from 3.91m in the second half (H2) of 2018 to 4.29m for the first half (H1) of 2019.

The increase in complaints was mainly driven by a 34 per cent increase in the volume of PPI complaints received, from 1.58m to 2.12m. PPI complaints made up 49 per cent of all complaints received during this period, continuing to be the most complained about product.

While PPI complaints increased in the first half of 2019, there was a 6 per cent drop in the number of non-PPI complaints, from 2.32m in 2018 H2 to 2.18m in 2019 H1.

When PPI is taken out, the figures today are the lowest volume of complaints firms have received since new reporting rules came into effect in 2016.

Excluding PPI complaints, the most complained about products remain current accounts (14 per cent of reported complaints), credit cards (8 per cent) and motor and transport insurance (6 per cent).

The average volume of complaints received per 1,000 accounts for banking and credit cards has decreased to 4.2, compared to 4.6 in 2018 H2. This was also the case for home finance, which decreased from 9.6 to 8.7 complaints per 1,000 mortgage accounts.

Overall, excluding PPI, the average redress per complaint upheld increased from £175 to £200 between 2018 H2 and 2019 H1.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • RT @DomWrong: UK avoiding a recession but it will be harder to grow if the rest of the global economy slows according to @ArtBLondon on @Yo
  • RT @HendersonRowe: “Brexit aside, the UK will struggle to expand if the rest of the global economy is slowing down. After a strong July and…
  • RT @HendersonRowe: “Brexit aside, the UK will struggle to expand if the rest of the global economy is slowing down. After a strong July and…

Read previous post:
Shares and sterling rally as Brexit deal announced

A Brexit deal has been agreed between UK and EU negotiating teams ahead of a meeting of European leaders in...