Please find below some interesting complaints statistics from the FCA’s Complaints Data Analysis: 2018 H1:
Redress paid by product group
- PPI – (£1,633m in H1 2017, £2,047m in H2 2017 and £2,314m in H1 2018)
- Banking and credit cards – (£220m in H1 2017, £192m in H2 2017 and £141m in H1 2018)
- Decumulation and pensions – (£23m in H1 2017, £20m in H2 2017 and £21m in H1 2018)
- Home finance – (£20m in H1 2017, £19m in H2 2017 and £18m in H1 2018)
- Insurance and pure protection (excluding PPI) – (£49m in H1 2017, £45m in H2 2017 and £52m in H1 2018)
- Investments – (£47m in H1 2017, £35m in H2 2017 and £27m in H1 2018)
Average redress per upheld complaint
- PPI – (£2,521 in H1 2017, £2,087 in H2 2017 and £1,765 in H1 2018)
- Banking and credit cards – (£270 in H1 2017, £253 in H2 2017 and £182 in H1 2018)
- Decumulation and pensions – (£631 in H1 2017, £518 in H2 2017 and £527 in H1 2018)
- Home finance – (£239 in H1 2017, £235 in H2 2017 and £215 in H1 2018)
- Insurance and pure protection (excluding PPI) – (£106 in H1 2017, £98 in H2 2017 and £95 in H1 2018)
- Investments – (£1,364 in H1 2017, £916 in H2 2017 and £710 in H1 2018)
Uphold rate per product group
- PPI – PPI complaints upheld fell from 66% in 2017 H2 to 64% in 2018 H1
- Insurance and pure protection (excluding PPI) – the proportion of insurance and pure protection complaints firms upheld increased from 58% in 2017 H2 to 62% in 2018 H1
- Banking and credit cards – the proportion of banking and credit card complaints upheld fell slightly from 54% in 2017 H2 to 53% in 2018 H1
- Investments – investment products continue to have the lowest rate of being upheld by firms. Only 51% of complaints were upheld in both 2017 H2 and 2018 H1.
- Credit cards – of the top 5 most complained about products, credit cards had the lowest uphold rates at 43%.
Jourdain Tambo
