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UK FCA: H1 financial services complaints rise 10% to 4.13 million

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UK FCA: H1 financial services complaints rise 10% to 4.13 million

The U.K. Financial Conduct Authority disclosed that about 4.13 million complaints were made to 3,161 financial services firms in the first half of 2018, a 10% increase compared to the second half period in 2017.

The regulator noted that 98% of complaints were related to only 235 of the 3,161 firms.

Payment protection insurance, or PPI, claims accounted for 42% of the total complaints, while current account problems were the next most complained about products at 15%. Credit card complaints amounted to 8%, while motor and transport insurance came in at 6%.

The FCA said the proportion of non-PPI claims closed by firms within 3 business days decreased, with 58% of all complaints being resolved by companies in the first half, compared to 59% six months earlier.