You are here: Home - Saving & Banking - News -

More than three million complaints made in first half of 2017

0
Written by: YourMoney.com
23/10/2017
Payment protection insurance (PPI) continues to account for the largest number of complaints made in the first half of the year, according to the Financial Conduct Authority (FCA).

The regulator, the FCA, said PPI remained the most complained about single issue, making up a third (1.11 million) of all complaints received in the first six months of the year. Excluding PPI, the total number of complaints received stood at 2.21 million.

The total redress paid to consumers was £1.99bn in the first half of 2017, making up 82% of the total redress payments made over the period.

In terms of the type of activity that consumers complained about, the biggest problem was with “advising, selling and arranging.” These activities accounted for 43% of all complaints made in the first half of the year. This was down on the 59% recorded for the first six months in 2016.

Elsewhere, “general administration and customer service” accounted for 38% of all complaints. This was up on the 27% recorded for the same period last year.

Since June 2016, firms have been required to report data in a new way. The FCA said this had increased the number of complaints reported and meant making direct comparisons was problematic.

Christopher Woolard, executive director of strategy and competition, said: “We now require firms to report all complaints which gives us a fuller picture of where the industry might not be meeting customer needs.”

“But even allowing for the change in reporting rules, and some progress made, the numbers are still significant. Firms need to do all they can to reduce complaints and ensure that they are working in the best interests of consumers.”

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

Read previous post:
Airport pick-up and drop-off prices hiked in 2017

Half of the UK’s busiest airports have hiked prices for those picking up passengers while a quarter have increased drop-off...

Close