The FCA has today published the complaints figures for regulated firms for the second half of 2019. The data showed an increase in complaints from 4.29m in the first half of 2019 to 6.02m in the second half of 2019.
In its press release, the FCA says the increase in complaints was mainly driven by a 75% increase in the volume of PPI complaints received, from 2.12m to 3.71m. The FCA confirms that PPI complaints made up 62% of all complaints received, making it the most complained about product during this period.
In addition to this, the FCA says there was a 6% increase in all other complaint volumes compared with the first half of 2019, from 2.18m to 2.31m.
Excluding PPI complaints, the most complained about products were current accounts (10% of all complaints), credit cards (6%) and other general insurance products (5%).
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 FCA says the average redress per complaint upheld decreased from £200 in the first half of 2019 to £184 in the second half of 2019.