The Financial Conduct Authority (FCA) has revealed that the number of complaints towards regulated companies increased from 4.29 million in the first half of 2019 to 6.02 million in the second half of the year.
The British regulator identified a jump in the number of PPI complaints as the key driver behind this increase in the last six months of 2019. PPI complaints made up 62% of all complaints received during this period
With that, PPI complaints continued to be the most complained about product. Current accounts were the target of 10% of all complaints, making it the second most complained about product, followed by credit cards at 6% and other general insurance products at 5%.
Over the same period, 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, excluding PPI, the average redress per complaint upheld decreased from £200 in 2019 H1 to £184 in 2019 H2.
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