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2015 H1 FCA Complaints Summary

Core Content

The Financial Conduct Authority (FCA) published aggregate complaints data for the first half (H1) of 2015, covering all complaints reported by firms with a reporting period end date between 1 January and 30 June 2015. The data includes three categories: product types, firm types, and causes of complaints. Firms are not required to report complaints resolved within one business day, so the data excludes such cases.

Key Statistics

• Total complaints opened: 1,255,166 (excluding PPI), up by 11.6% from 2014 H2.
• Total complaints opened (including PPI): 2,138,209, down by 2.1% from 2014 H2.
• Total complaints opened compared to 2014 H1: 9.2% decrease.
• Total complaints opened compared to 2006 H1: 53.1% increase.
• Total redress paid: £1.98bn, down by 18.9% from £2.44bn in 2014 H2.
• Firms reporting complaints: 2,880 in 2015 H1, a 2.7% decrease from 2,961 in 2014 H2.

Main Trends by Product Category

• Banking and credit cards:

  • Complaints increased by 21.8% to 738,157.
  • 34.5% of total complaints, up from 27.7% in 2014 H2.
  • Current account complaints rose by 31.2% to 506,326.
  • Credit card complaints increased by 11.1% to 121,615.
  • Unregulated loan complaints rose by 19.5% to 31,235.
  • Savings complaints fell by 6.4% to 78,981.

• General insurance and pure protection:

  • Complaints decreased by 13.6% to 1,204,783.
  • PPI complaints fell by 16.6% to 884,043, now accounting for 41.3% of total complaints.
  • PPI represented 73.3% of complaints in this category, down from 75.9% in 2014 H2.
  • Advising, selling, and arranging complaints accounted for 75.8% of total complaints in this category.

• Decumulation, life and pensions:

  • Complaints increased by 19.7% to 73,055.
  • Personal pensions and FSAVCs saw a 51.9% rise in complaints.
  • 60.0% of complaints were related to general administration and customer service.

• Home finance:

  • Total complaints: 76,195, down 3.0% from 2014 H2.
  • Equity-release products saw a 14.1% increase in complaints.
  • Other regulated home finance products accounted for 83.4% of complaints.

• Investments:

  • Complaints increased by 4.5% to 46,019.
  • Structured products saw a 51.5% drop in complaints.
  • 59.3% of complaints were related to general administration and customer service.

Complaint Handling Performance

• Complaints closed within 8 weeks: 92.3% of total complaints (1,901,676 out of 2,059,332).
• Firm types:
  • Life insurers had the highest closure rate at 97.1%.
  • Securities and futures firms had the lowest closure rate at 87.1%.
  • Personal investment firms had a closure rate of 87.6%, an improvement from 83.7% in 2014 H2.
• Complaints upheld:
  • 54.6% of total closed complaints were upheld in 2015 H1, down from 60.3% in 2014 H2.
  • 'Decumulation, life and pensions' upheld rate increased to 48.5%.
  • 'Banking and credit card' upheld rate fell to 46.6%.
  • 'Home finance' upheld rate decreased to 52.0%.
  • 'General insurance and protection' upheld rate dropped to 60.0%.
  • 'Investments' upheld rate fell to 44.2%.

Redress Payments

• Total redress paid: £1.98bn, a 18.9% decrease from £2.44bn in 2014 H2.
• General insurance and pure protection:
  • Redress payments fell by 23.6% to £1.65bn, which is 83.2% of total redress.
• Banking and credit card:
  • Redress payments increased by 46.7% to £212.4m, representing 10.7% of total redress.

Notes

• The data excludes complaints resolved within one business day.
• The FCA introduced new rules in September 2016, which will change the biannual complaints publication and make it non-comparable to historic data.
• The figures are available in Excel and PDF formats, with different tabs covering various data sets.