UK financial services firms receive 1.88m complaints in H1 2022, FCA data shows
The UK Financial Conduct Authority (FCA) has published the latest complaints data reported to it by financial services firms for 2022 H1 between 1 January 2022 and 30 June 2022.
In the first half of 2022, financial services firms received 1.88 million complaints, an increase of 1% on 2021 H2 (1.86m).
The decumulation and pensions product group saw the biggest increase in complaints received by firms, from 61,864 in 2021 H2 to 70,200 in 2022 H1 (15%). Insurance and pure protection also saw an increase in complaints from 771,543 in 2021 H2 to 801,430 in 2022 H1 (5%). All other product groups either saw the complaints numbers stay constant (investments) or fall slightly (banking and credit cards -1%, home finance -2%).
Current accounts are still the most complained about products. However, the number stayed relatively constant, 526,609 in 2021 H2 to 528,812 in 2022 H1. Noticeable increases can be seen in general insurance packaged multi products from 9,083 in 2021 H2 to 23,793 in 2022 H1 (214%); travel from 16,178 in 2021 H2 to 22,542 in 2022 H1 (46%) and motor and transport from 218,048 in 2021 H2 to 238,887 in 2022 H1 (12%).
For the first time since the data has been collected, more than half (51.0%) of all complaints were closed within 3 days.
The percentage of complaints upheld increased to 62% in 2022 H1. This is the highest percentage since 2016. It has been rising steadily since a low of 52% in 2019 H2.
After falling steadily since 2018, the total amount of redress rose for the first time from £262m in 2021 H2 to £278m in 2022 H1. A large amount of this increase can be attributed to insurance and pure protection that rose 134% from £36m in 2021 H2 to £85m in 2022 H1.