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

PPI complaints drop as deadline looms

Written by:
FCA data showed a 5% drop in complaints against financial services firms in the second half of 2018, largely as a result of falling PPI claims.

Complaints dropped from 4.13m to 3.91m, the first fall since firms were required to change the way they report complaints in 2016.  The cut-off date for PPI claims is the 29th August of this year, so any who think they may have outstanding claims need to act quickly.

3,181 firms reported receiving one or more complaints during the last six months of 2018, but 231 of these firms reported 500 or more and these firms accounted for almost 98% of all complaints reported.

Payment protection insurance (PPI) attracted 40% of all complaints, but there was a significant drop from 1.72m in the first half of 2018 to 1.58m in the second half of 2018. There was a change in reporting, which allowed firms to exclude from their complaints return any PPI complaints where it was established that the complainant had not purchased a PPI policy from the firm.

Other types of complaint decreased from 2.41m to 2.33m over 2018. Current accounts complaints dropped by 13% over the period, while credit cards complaints jumped 10%.

Companies are also resolving complaints quicker. The proportion of complaints closed by firms within three days rose to 37% compared to 35% the first half of 2018; 95% were closed within eight weeks.

Christopher Woolard, executive director of strategy and competition said: “It is encouraging to see that complaint figures have dropped and firms are dealing with complaints more quickly. We expect firms to continue to focus on ensuring their customers are well served and that they respond quickly where consumers complain.”


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.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

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

  • What are some things to be aware of in choosing property to fund your retirement? Find out from our pension special…
  • RT @Defaqto: With many nervous about taking an overseas trip, Brits are booking up holidays closer to home. But should you buy travel insur…
  • RT @Defaqto: With many nervous about taking an overseas trip, Brits are booking up holidays closer to home. But should you buy travel insur…

Read previous post:
The credit card fees cracking your Easter holiday budget

Going abroad for your Easter holidays? Then you might want to think twice about which credit card you pack