The Financial Services Authority (FSA) has today published the latest data showing that complaints to financial services firms increased by 59% - largely driven by PPI.
The main trends are:
-
- Complaints about general insurance and pure protection increased by 99% to 2,541,430;
- Within this product group, payment protection insurance accounted for 2,232,294 of those complaints, an increase of 129%;
- The number of banking complaints increased by 5% to 828,040;
- Within this product group, complaints about current accounts dropped by 13%.
Today’s data is presented in two different forms, aggregate data showing overall complaints statistics for the industry, and firm-level data showing figures for individual firms.
The firm-specific complaints data is a summary of the information reported to the FSA by financial institutions, and includes only those that have reported 500 or more complaints in a six-monthly reporting period. These firms are also required to publish the data on their own websites.
The aggregated complaints data can be found at http://www.fsa.gov.uk/pages/library/other_publications/commentary/aggregate_com/index.shtml
The firm specific complaints data can be found at http://www.fsa.gov.uk/library/other_publications/commentary/firm_spec
The FSA has also updated their consumer information with a new video on how to make to complaint to firm. http://www.fsa.gov.uk/consumerinformation/if_things_go_wrong/latest/complaints_handling_video.shtml
