FCA sees first fall in complaints since 2016

Complaints fell from 4.13m to 3.91m, the first time the number of complaints has fallen since firms were required to change the way they report complaints in 2016.

3,181 firms reported receiving one or more complaints during H2, with 231 of these firms reporting 500 or more. These firms accounted for almost 98% of all complaints reported.

Overall, Barclays Bank, Lloyds Bank and Bank of Scotland received the most complaints.

In the home finance category, Al Rayan Bank received the most complaints per 1,000 balances outstanding at 76.57, followed by Blemain Finance at 66.37 and Marks & Spencer Financial Services at 60.65.

In the intermediated home finance category, Sainsbury's Bank topped the list of the most complaints, followed by London & Country Mortgages and Connells.

PPI continued to be the most complained about product, making up 40% of all complaints. This, however, was a decrease of 8% from 1.72m in H1 to 1.58m in H2. There was a change in reporting which allowed firms to exclude from their complaints return any PPI complaints where it was established that the complainant had not purchased a PPI policy from the firm.

Excluding PPI, total complaints decreased from 2.41m to 2.33m over 2018.

Christopher Woolard, executive director of strategy and competition at the FCA, said: “It is encouraging to see that complaint figures have dropped and firms are dealing with complaints more quickly.

“We expect firms to continue to focus on ensuring their customers are well served and that they respond quickly where consumers complain.”