The latest complaints data published by the Financial Conduct Authority shows that financial services firms received 2,183,540 new complaints (including those related to PPI) between July and December 2014.
Overall complaints decreased by 7% compared to the previous six months and by 12% from the same period last year however, excluding payment protection insurance (PPI), complaints increased by 1% to 1,124,622 between the first and second halves of 2014 and by 2% when compared with the same period in 2013.
This increase was mainly caused by an 8% rise in the number of complaints relating to banking and credit cards over the six months to the end of December. All other product categories showed decreases in the period.
FCA director of strategy and competition Christopher Woolard, said: "When you take PPI out of the equation, complaints are still on the up. So, while the overall decreases we have seen should be welcomed there is still more for financial services firms to do.
"The FCA's challenge to those firms is to put the necessary measures in place to ensure we see a consistent fall across all sectors."
PPI accounted for less than half (48%) of complaints for the first time in the last three years but remained the most complained about product with 1,058,918 opened complaints in 2014 H2.
The total redress paid increased by 4% to £2.44bn in in the second half of 2014, from £2.34bn in the first half of the year. Some 88% of this amount (£2.15bn) related to general insurance and pure protection products, which include PPI.

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The top five most complained about firms, in terms of the number of complaints received in the first half of 2014, were Barclays Bank, Lloyds Bank, Bank of Scotland, HSBC and NatWest.
The top five most complained about products and services in the first half of 2014 were payment protection insurance, current accounts, other general insurance, credit cards and savings including cash ISAs and other banking.
In the decumulation, life and pensions sector the most complained about companies were: The Prudential Assurance Company Limited (6,209 complaints), Friends Life Limited (5,188), Aviva Life Services UK Limited (4,153), Phoenix Life Limited (3,864) and Scottish Widows Plc (3,382).
On investments the most complained about companies were: Santander UK (4,278), Barclays Bank (2,576), Yorkshire Building Society (2,240), HSBC (1,853) and Bank of Scotland (1,059).