2017年-FCA英国金融行为监管局_commentaryonfsacomplaintsdata2011h2_5页_163kb

2011 H2 Aggregate Complaints Data Summary

Core Content

The 2011 H2 aggregate complaints data provides an overview of the volume, handling, and redress of complaints across various financial products reported to the Financial Services Authority (FSA). The data highlights a significant increase in the overall number of complaints, primarily driven by a surge in complaints related to 'general insurance and pure protection' and specifically Payment Protection Insurance (PPI).

Main Points

• Total Complaints Increase:
  The total number of complaints increased by 21% to 2,256,172 in 2011 H2 compared to the previous half year.

• PPI Complaints Surge:
  PPI complaints accounted for a large portion of the increase, rising by 85% to 977,510. This was influenced by the temporary extension of the complaints handling time limit rules during a judicial review period.

• Banking Complaints Decline:
  Banking complaints reached their lowest level since 2006 H2, decreasing by 2% from the previous half year and 13% year-on-year to 787,096.

  • Current account complaints dropped by 6%.
  • Savings and other banking product complaints decreased by 12%.
  • Credit cards and unregulated loans complaints increased.

• Complaints Handling Performance:

  • The percentage of complaints closed within 8 weeks fell significantly from 72% in 2011 H1 to 43% in 2011 H2, due to the temporary extension of handling time for PPI complaints.
  • The overall percentage of closed complaints decreased from 86% to 64%.
  • The percentage of upheld complaints increased from 51% to 60%, largely due to the rise in upheld PPI complaints from 53% to 69%.

• Redress Paid:
  The total redress paid increased from £411m in 2011 H1 to £2,250m in 2011 H2.

  • The increase in redress for general insurance and pure protection products to £2,102m was partly due to resolving PPI complaints that were on hold during the judicial review in H1 2011.

Key Information

• Data Reporting:
  Firms report complaints to the FSA every six months. The data covers complaints from 2006 to 2011.

• Product Categories:
  Complaints are reported across 25 product categories, grouped into five product groups (e.g., Banking, Insurance, etc.).

• Complaints Handling Data:
  The data includes the proportion of complaints resolved within 8 weeks and the percentage of complaints upheld. It also includes the redress paid in relation to complaints.

• PPI Legal Challenge:
  In October 2010, the British Bankers' Association challenged the FSA's PPI complaint handling measures. The challenge was rejected in April 2011, leading to a period where some firms placed PPI complaints on hold.

• Separate PPI Data:
  In August 2011, the FSA began publishing separate PPI complaint data, which is distinct from the broader 'general insurance and pure protection' data. The PPI data is based on monthly reporting, while the aggregate data is based on six-month periods.

• Technical Considerations:

  • The data is linked to the FSA's categorisation of firm types (e.g., 'bank', 'discretionary investment manager').
  • There is a caveat that firm types may not fully reflect the type of business they handle, which can affect the interpretation of data trends.
  • The data only includes reportable complaints; complaints resolved within one business day are not reported.
  • Reporting requirements were updated in August 2009, which may affect the comparability of data from 2009 onwards.

• Data Updates:
  The 2010 H2 and 2011 H1 data were updated due to individual firm resubmissions.

Conclusion

The 2011 H2 data shows a notable increase in complaints related to general insurance and pure protection, especially PPI, while banking complaints decreased. The changes in complaints handling and redress reflect the impact of the judicial review and the temporary extension of handling time for PPI complaints. The FSA's data provides a comprehensive view of complaint trends and handling performance, with important considerations for interpretation due to reporting changes and categorisation methods.