Over 500,000 complaints made about current accounts

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Over 500,000 complaints made about current accounts

Martin Greenland | 13:30 Thursday 19th April 2018 | 9

The FCA has revealed that 509,047 complaints were made to financial services firms about current accounts during the second half of 2017 .

Despite this figure, complaints made about current accounts are down by around 10,000 compared with the first half of 2017.

Current accounts were the second most complained about product during the second half of last year, with PPI seeing 1.55 million complaints.

In terms of redress (excluding PPI), £312m was paid out in H2 2017, down 13% on H1 (£359m).

This was driven by falls in redress payments for packaged bank accounts (down £18m) and banking and credit card products (down £29m).

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The FCA received a total of 3.76 million complaints about financial services firms in the second half of 2017, an increase of 427,032 on the first half of last year.

However, excluding PPI, the number of complaints received by firms was 2.21 million, around 13,000 fewer than the previous six-month period.

“When PPI is taken out of the mix, the numbers of complaints firms are receiving has remained stable,” said Christopher Woolard, executive director of strategy and competition at the FCA.

“Firms should be doing all they can to reduce complaints and ensure they are treating customers fairly.”

Over 500,000 complaints made about current accounts

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