The FCA says complaints about financial services firms dipped by 1.4% in the second half of 2015 although it still topped 2.1m. It also says firms will be required to publish complaints data on their websites from next February.

Overall, there was a decrease of 1.4% in the number of complaints compared to the previous six months - mainly driven by a 10% drop in complaints about current accounts and a 15% drop in complaints about savings accounts. Complaints about PPI rose.

When payment protection insurance (PPI) is excluded, the number of complaints between July and December 2015 is reduced to 1.17 million. Payment Protection Insurance (PPI) remains the most complained about product, with complaints about PPI rising by 6% in the current period. Although current accounts saw one of the largest reductions in complaints numbers, they are still the second most complained about financial product in the period covered.

Christopher Woolard, director of strategy and competition at the FCA, said: “It is positive to see that the longer term reduction in the volume of complaints has continued into the latest period. Firms seem to have taken on board our previous feedback on levels of complaints and we are slowly seeing firms address these issues.

“However, firms still need to do all they can to reduce complaints and ensure that they are working in the best interests of consumers.”

The total redress paid to consumers fell to £1.97 billion between July and December 2015 which is slightly lower than the £1.98 billion paid between January and June 2015.

• The fall in redress payments was mainly due to a 2% fall in payments related to general insurance and pure protection products, which includes PPI. This accounted for almost 82% of complaints redress payments.
• Other product categories saw a reduction in redress payments between July and December 2015, except for banking and credit cards which increased by almost 27% and home finance which increased by 17%.

The top five most complained about products and services between July and December 2015 were:

1. Payment protection insurance – 932,298 complaints (up 6% compared to the previous six months)
2. Current accounts – 454,276 complaints (down 10% compared to the previous six months)
3. Other general insurance – 296,505 complaints (down 3% compared to the previous six months)
4. Credit cards –132,988 complaints (up 9% compared to the previous six months)
5. Savings, including cash ISAs, and other banking – 67,546 complaints (down 15% compared to the previous six months)

The FCA says it will be providing more “contextualisation” information about complaints in future publications and will be requiring firms to publish this on their own websites (rather than doing so on a recommended basis) from February next year.

The top five most complained about firms all saw a reduction in levels of complaints received between July and December 2015:

1. Barclays Bank Plc – 279,561 (a decrease of 1% since 2015 H1)
2. Lloyds Bank Plc – 230,041 (a decrease of 1% since 2015 H1)
3. Bank of Scotland Plc – 182,702 (a decrease of 4% since 2015 H1)
4. National Westminster Bank Plc – 135,262 (a decrease of 7% since 2015 H1)
5. HSBC Bank Plc – 120,986 (a decrease of 14% since 2015 H1)

By product group, the firms with the largest number of complaints opened in 2015 H2 were:

Banking and credit cards

1. Barclays Bank Plc 133,335
2. National Westminster Bank Plc 85,859
3. Lloyds Bank PLC 76,480
4. Santander UK Plc 64,622
5. HSBC Bank Plc 62,721

Decumulation, Life and Pensions

1. The Prudential Assurance Company Limited 8,063
2. Friends Life Limited 5,496
3. The Royal London Mutual Insurance Society Limited 4,530
4. Aviva Life Services UK Limited 4,023
5. Phoenix Life Limited 3,215

Investments

1. HSBC Bank Plc 3,007
2. Barclays Bank Plc 2,880
3. Equiniti Financial Services Limited 1,567
4. Santander UK Plc 1,375
5. The Prudential Assurance Company Limited 1,212