UK regulator data show 5% drop in complaints in second half of 2018, but still 3,91 million
Publish date: 26 April 2019
Issue Number: 68
Diary: CompliNEWS
Category: Complaints
Last week the Financial Conduct Authority (FCA) in the UK published the complaints figures for regulated firms for the second half of 2018.
During the second half of 2018 (2018 H2), complaints decreased by 5%, falling from 4.13m to 3.91m. This is the first time the number of complaints has fallen since firms were required to change the way they report complaints, in 2016. 3,181 firms reported receiving one or more complaints during 2018 H2, with 231 of these firms reporting 500 or more. These firms accounted for almost 98% of all complaints reported.
PPI continued to be the most complained about product, making up 40% of all complaints. This, however, was a decrease of 8% from 1.72m in 2018 H1 to 1.58m in 2018 H2. There was a change in reporting which allowed firms to exclude from their complaints return any PPI complaints where it was established that the complainant had not purchased a PPI policy from the firm.
