PPI continues at the top, but complaints reduce - FCA

clock

Complaints data published by the FCA has showed 2,479,029 new complaints opened against financial services firms between July and December 2013.

However, the regulator calculated the level of complaints had fallen by 15% compared to the 2,911,154 complaints reported in the previous six months.

Payment protection insurance (PPI) topped the list of the most complained about products during the period with 1,390,756 new cases opened, a 22% decrease on the first half of 2013.

PPI accounted for 56% of all complaints, although this is down from 62% in the first half of 2013.

Redress paid in the second half of 2013 was £2.65bn, up from £2.55bn in the first half of the year. Some 94% of all redress payments were paid for general insurance and pure protection products which include PPI.

General insurance products came second to PPI for the most new complaints, with 321,812, a 3% increase on the previous half-year.

Current accounts, credit cards and the subset of savings including cash ISAs and banking products completed the top five.

In the general insurance and pure protection category, which includes PPI, Barclays Bank topped the complaints charts with 222,946 new cases.


The top five firms for new complaints opened in the second half of 2013, were:

• Barclays Bank - 309,494
• Lloyds Bank - 256,656
• MBNA - 213,311
• Bank of Scotland - 181,353
• National Westminster Bank - 175,731

Martin Wheatley, FCA chief executive, said: "No firm wants to top this particular list and they all should 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."

 

More on Regulation

Most firms unable to meet bereavement claims performance levels: FCA

Most firms unable to meet bereavement claims performance levels: FCA

Call for improved bereavement handling times

Cameron Roberts
clock 22 November 2024 • 3 min read
Record-high receipts for IPT and employer NICs

Record-high receipts for IPT and employer NICs

HMRC data

Cameron Roberts
clock 21 November 2024 • 2 min read
Chancellor targets FOS modernisation and FCA consultation

Chancellor targets FOS modernisation and FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock 15 November 2024 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read