Financial firms provide data to the FCA every 6 months about the complaints they have received, what these were about and how they dealt with them. The FCA collects and publishes data at both an aggregate (market level) and firm specific, although only publishes firm specific data for firms reporting 500 or more complaints in a 6 month reporting period, or 1,000 or more complaints in an annual reporting period.
The FCA uses the complaints data to help assess how firms interact with and treat their customers as well as monitoring their performance over time. It also uses this data to guide its work in supervising firms and markets, highlighting any potential concerns with specific financial products offered.
Key findings include:
In 2022 H1, financial services firms received 1.88m complaints, an increase of 1% on 2021 H2 (1.86m).
The decumulation and pensions product group saw the biggest increase in complaints received by firms, from 61,864 in 2021 H2 to 70,200 in 2022 H1 (15%). Insurance and pure protection also saw an increase in complaints from 771,543 in 2021 H2 to 801,430 in 2022 H1 (5%). All other product groups either saw the complaints numbers stay constant (investments) or fall slightly (banking and credit cards -1%, home finance -2%).
Current accounts are still the most complained about products. However, the number stayed relatively constant, 526,609 in 2021 H2 to 528,812 in 2022 H1. Noticeable increases can be seen in general insurance packaged multi products from 9,083 in 2021 H2 to 23,793 in 2022 H1 (214%); travel from 16,178 in 2021 H2 to 22,542 in 2022 H1 (46%) and motor and transport from 218,048 in 2021 H2 to 238,887 in 2022 H1 (12%).