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News > Products

FCA reveals current accounts as second most complained about product

Theo Osborn | 13:00 Monday 29th October 2018

The total number of complaints reported by regulated firms reached a record level of 4.13 million (to 3,161 different companies) in H1 2018, according to the latest figures from the FCA.

This marked a 10% increase on the previous six-month period in H2 2017, which saw 3.77 million complaints made.

Some 15% of all complaints were regarding current accounts, however, PPI was the most complained about product (42%), while credit cards accounted for 8%, followed by motor and transport insurance (6%).

Overall, 98% of all complaints were made to 235 firms.

The total redress paid to consumers was £2.57bn, a 9% increase on H2 2017.

In H1 2018, 35% of all complaints were closed by firms within three business days (H2 2017: 39%).

Some 58% of all non-PPI complaints were resolved within three business days (H2 2017: 59%).

Christopher Woolard, executive director of strategy and competition at the FCA, said: “Firms need to be doing all that they can to reduce complaints.

“It is clear that firms need to look at the cause of the rise in complaints and address these issues to prevent further increases.

“It should be a priority for firms to ensure good consumer outcomes are achieved and they should be making sure that they are taking the right steps to treat customers fairly.

“We are encouraged to see that figures are showing that more consumers are making a decision on whether to complain about PPI.”

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