Monday, 15 April 2013 11:50
FCA data shows complaints increase by one per cent
The latest data from the Financial Conduct Authority released today shows total complaints increased to 3,422,384 between July and December 2012.
The figure is a one per cent increase compared to the first half of 2012 but the FCA has revealed that despite the rise the total amount of redress paid was £2.9bn, down from £3.1bn in the first half of 2012.
The top five firms to receive the most complaints were Barclays Bank, Lloyds TSB, Bank of Scotland, credit card company MBNA Ltd and Santander UK. However, all reported a decrease in complaints since the first half of 2012.
Santander UK topped both the banking and investment complaints table with 125,451 banking complaints and 2,236 investment complaints.
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The top five financial products complained about were payment protection insurance, current accounts, general insurance products, credit cards and savings.
PPI complaints rose by five per cent to over two million but complaints decreased for all other types of financial products.
In particular, complaints about banking products decreased by 12 per cent to 728,284. This means banking complaints are at the lowest level since the first half of 2006.
Martin Wheatley, FCA chief executive, said: "Greater transparency drives greater competition, and the publication of complaints data lays bare the track record of the UK's financial institutions when it comes to resolving customer conflict."
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The figure is a one per cent increase compared to the first half of 2012 but the FCA has revealed that despite the rise the total amount of redress paid was £2.9bn, down from £3.1bn in the first half of 2012.
The top five firms to receive the most complaints were Barclays Bank, Lloyds TSB, Bank of Scotland, credit card company MBNA Ltd and Santander UK. However, all reported a decrease in complaints since the first half of 2012.
Santander UK topped both the banking and investment complaints table with 125,451 banking complaints and 2,236 investment complaints.
{desktop}{/desktop}{mobile}{/mobile}
The top five financial products complained about were payment protection insurance, current accounts, general insurance products, credit cards and savings.
PPI complaints rose by five per cent to over two million but complaints decreased for all other types of financial products.
In particular, complaints about banking products decreased by 12 per cent to 728,284. This means banking complaints are at the lowest level since the first half of 2006.
Martin Wheatley, FCA chief executive, said: "Greater transparency drives greater competition, and the publication of complaints data lays bare the track record of the UK's financial institutions when it comes to resolving customer conflict."
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