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2014 H2 FCA Aggregate Complaints Summary

Core Content

The Financial Conduct Authority (FCA) published its half-yearly aggregate complaints data for the period 1 July to 31 December 2014. The data reflects complaints reported by firms with reporting periods ending between those dates and provides insights into the trends in complaint handling and redress payments across different product categories and firm types.

Main Points

• Total Firms Reporting Complaints:
  3,447 firms reported at least one opened complaint in 2014 H2, a 5% decrease from 3,622 in 2014 H1.

• Total Complaints Opened (Excluding PPI):
  Increased by 1% to 1,124,622 compared to 2014 H1, with an 8% rise in banking and credit cards complaints (605,799).

• Total Complaints Opened (Including PPI):
  Decreased by 7% to 2,183,540 in 2014 H2 compared to 2014 H1, and overall decreased by 12% from 2013 H2.

• PPI Complaints:
  PPI complaints accounted for 48% of total complaints in 2014 H2, down from 63% in 2012 H2, but still represented the largest category (1,058,918 complaints). PPI complaints decreased by 14% in 2014 H2 compared to 2014 H1.

• Complaints by Firm Type:

  • Banks and building societies: 67% of all complaints (1,467,141).
  • General insurance intermediaries: 12%.
  • Other insurers: 8%.
  • Non-deposit-taking mortgage businesses: 27% decrease to 66,947.
  • Life insurers: 18% decrease to 41,040.
  • Personal investment firms: 16% decrease to 22,141.
  • Other insurers: 2% increase to 182,054.

• Complaints by Product Category:

  • Banking and credit cards: 28% of all complaints, up from 24% in 2014 H1.
  • Current accounts: 22% increase to 385,818, becoming the second most complained about product.
  • General insurance and pure protection products: 64% of all complaints, down from 67% in 2014 H1.
  • Decumulation, life and pensions: 19% decrease to 61,019.
  • Investments: 5% decrease to 44,010, but structured products and unit trusts/OEICs saw significant increases (115% and 62% respectively).

• Complaint Handling:

  • 91% of complaints were closed within eight weeks in 2014 H2, unchanged from 2014 H1 but lower than previous years.
  • Mortgage businesses had the highest rate of complaints closed within eight weeks at 98%.
  • Personal investment firms had the lowest rate at 84%.
  • 60% of closed complaints were upheld in 2014 H2, up from 58% in 2014 H1 and 46% in 2012 H2.

• Redress Payments:

  • Total redress increased by 4% to £2.44bn in 2014 H2.
  • General insurance and pure protection products accounted for 88% of redress payments (£2.15bn).
  • Banking and credit card products saw a 64% increase in redress to £145m, up from £88m in 2014 H1.

Key Information

• Complaints Exclusions:
  Complaints resolved by close of business on the business day following receipt are not included in the data.

• Regulatory Context:
  The FCA has been consulting on improving complaints handling, including reporting and publication improvements.

• Reporting Changes:

  • A new product group 'Banking and credit cards' was introduced.
  • 'Overdrafts' became a new category.
  • Unregulated loans were moved to 'Other lending'.
  • 'Other regulated home finance products' was renamed to include second and subsequent charge mortgages.

• Trends in Complaints:

  • PPI complaints remained the most common but decreased in volume.
  • Current accounts became the second most complained about product.
  • Most product categories saw a decline in complaints, with notable exceptions.
  • The overall number of complaints has decreased since 2013 H2, though still higher than in 2006 H1.

• Complaint Handling Performance:

  • Despite a lower number of complaints, the upheld rate increased, indicating improved resolution.
  • The eight-week closure rate remained stable but lower than previous years.

• Redress Distribution:

  • General insurance and pure protection products continue to dominate redress payments.
  • Banking and credit card redress increased significantly, reflecting the rise in complaints in this category.

Figures and Tables

• Figure 1: Total opened complaints over time.
• Figure 2: Number of opened complaints by type of product.
• Figure 3: Percentage change in volume of opened complaints for the ten most complained about product types between 2014 H1 and 2014 H2.
• Figure 4: Percentage of complaints closed within eight weeks by type of product.

The data is available in both Excel and PDF formats, with multiple tabs and tables providing detailed breakdowns by firm type, product category, and cause of complaints.