The FCA has revealed it received a rise in complaints from 4.29 million in the first half (H1) of 2019 to 6.02 million in the second half (H2) of 2019.
The regulator suggested the increase was mainly driven by a 75% increase in the volume of PPI complaints received, which rose from 2.12 million to 3.71 million.
PPI complaints made up 62% of all complaints that the FCA received during this period, continuing to be the most complained about product.
As well as PPI complaints increasing in the second half of last year, the FCA’s data also showed a 6% increase in all other complaint volumes compared with 2019 H1, up from 2.18 million to 2.31 million. Excluding the complaints related to PPI, the most complained about products were current accounts – which comprised 10% of all complaints – followed by credit cards (6%) and other general insurance products (5%).
Over the same period, the FCA also found that complaints about home finance products decreased from 8.7 to 8.4 complaints per 1,000 balances outstanding, while investment products increased from 2.1 to 2.3.
Overall, for all complaints excluding PPI, the FCA’s data revealed the average redress for complaint that was upheld decreased from £200 in 2019 H1, to £184 in the second half of the year.
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