More than three million complaints were made about financial services firms in the second half of 2016, according to new data from the Financial Conduct Authority (FCA).
The regulator reports that 3.04 million complaints were made by consumers to providers between July and December 2016.
PPI (payment protection insurance) was the cause of the complaint in around a third of cases with 895,110 issues being raised, more than any other financial services product.
If you think you may be entitled to reclaim your PPI premiums, do so now as the regulator has confirmed a claims deadline of August 2019.
Current accounts were the next most complained-about product with around 514,000 problems being reported by consumers.
Barclays was the individual brand that received the most gripes – recording 438,237 complaints during this period. When considering entire financial institutions Lloyds Banking Group - including its Bank of Scotland, Halifax, Lloyds Bank, and Scottish Widows brands – topped this figure with 595,169 total complaints. Of course these figures aren’t a fair representation as they’re likely to be relative to the number of customers each bank has.
These figures are also not comparable to previous time periods as the FCA now includes informal issues in its analysis, which were not previously counted.
Across all product types, around £1.9 billion was paid out to consumers with 97% of complaints closed within eight weeks. The FCA says in this six-month period, 43% of all complaints were closed within three days.
Christopher Woolard, executive director of strategy and competition at the FCA, says: “Consumers want a simple way to complain that does not leave them out of pocket. And they want to be assured that their concerns will be dealt with fairly and quickly.”