Latest data from the FCA has revealed that in the second half of 2020 the number of complaints received by financial firms – excluding PPI complaints – rose by 3.3% to 1.93m.
Overall, the number of financial complaints – including PPI – fell by 26% mainly due to the rapid decline in PPI complaints following the deadline set by the FCA.
The data only covers firms that have reported 500 or more complaints in a six month period (approximately 290 firms).
The most complained about firms for investments were Retail Money Market Ltd (trading as RateSetter), Bank of Scotland, Sun Life, Barclays Bank and HSBC. Scottish Widows, Lloyds Bank and Phoenix Life were also in the Top 10.
Among the most complained firms about for decumulation and pensions were Equiniti Financial Services Limited, Curtis Banks Limited, James Hay and Financial Administration Services Ltd. Cofunds and Interactive Investor were also in the top 10.
Over 3,000 firms submit complaints data to the FCA by reporting one or more complaint.
In 2020 H2 firms received 2.19m complaints, the lowest levels recorded since 2016 H2.
The insurance and pure protection product group saw the largest decrease in complaints received by firms, from 1.8m complaints in 2020 H1 to 1.02m complaints in 2020 H2. The largest decrease was for Payment Protection Insurance (PPI), with a 77% decrease from 1.09m complaints received in 2020 H1 to 256,000 complaints in 2020 H2.
Excluding PPI, the volume of complaints received by firms rose by 3.3% in 2020 H2 when compared with 2020 H1, from 1.87m to 1.93m.
The most complained about products in 2020 H2 were current accounts (23% of all complaints), PPI (12%), credit cards (11%), other general insurance products (11%) and motor & transport insurance (9%).