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FCA records highest level of PPI complaints

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

Their findings revealed an increase in complaints from 4.29 million in the first half of 2019 to 6.02 million in the second half of the year.

The increase in complaints was largely driven by a 75% increase in the volume of PPI complaints received, which increased from 2.12 million to 3.71 million in the period.

These complaints made up 62% of all complaints received during this period, continuing to be the “most complained about product”. 

This was the highest level of PPI complaints ever reported to the FCA by firms.

The data also showed that fewer PPI complaints were closed within 8 weeks by firms, down from 76% in 2019 H1 to 56% in 2019 H2. Only 50% of PPI complaints were upheld in 2019 H2, down from the 54% recorded in 2019 H1.

As well as an increase in PPI complaints during the second half of the year, there was also a 6% increase in all other complaint volumes compared with 2019 H1, down to 2.18 million from 2.31 million. 

Excluding PPI complaints, the most complained about products were current accounts (10% of all complaints), credit cards (6%) and other general insurance products (5%).

Over the same period, complaints about home finance products decreased from 8.7 to 8.4 complaints per 1,000 balances outstanding, while investment products increased from 2.1 to 2.3.

Overall, excluding PPI, the average redress per complaint upheld decreased from £200 in 2019 H1 to £184 in 2019 H2.

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