Emma RadmoreFCA has published the first set of complaints data (covering the second half of 2016) that firms have reported since last year’s rule changes that give firms 3 days to address a complaint to a consumer’s satisfaction but the data reflects all complaints.
Because of the change in complaints captured, the figure (3.04m) is higher than in previous periods, but FCA thinks it is more informative because it shows number of complaints against size of business and better insight into the products customers complain about.
PPI remains the product that attracts the most complaints, attracting around one third of the total, while current accounts complaints comprised around one sixth. Redress paid over the period was approximately £1.6bn relating to PPI and £0.3bn relating to other complaints.
