FCA knowledge reveals UK fin companies companies obtain 1.88M complaints in H1 2023

The UK Monetary Conduct Authority (FCA) has printed an summary of monetary companies companies’ complaints reported to it throughout 2023 H1 (1 January to 30 June 2023).

Within the first half of 2023, monetary companies companies acquired 1.88 million opened complaints, a rise of 5% from 2022 H2 (1.80m).

The product teams that skilled a rise of their opened criticism numbers from 2022 H2 to 2023 H1 have been the next: decumulation & pensions (20%), investments (18%), insurance coverage & pure safety (6%), & banking and bank cards (3%).

The house finance product group noticed a ten% discount in opened complaints from 101,333 (2022 H2) to 91,469 (2023 H1).

Since 2016 H2, present accounts have remained probably the most complained about product. The variety of present accounts opened complaints elevated, from 500,371 in 2022 H2 to 509,923 in 2023 H1 (2%).

Noticeable will increase in opened complaints will be seen within the following merchandise: motor & transport from 238,009 in 2022 H2 to 278,034 in 2023 H1 (17%), bank cards from 188,200 in 2022 H2 to 201,925 in 2023 H1 (7%), property from 86,150 in 2022 H2 to 92,091 in 2023 H1 (7%), & financial savings (together with ISAs) from 69,373 in 2022 H2 to 85,315 in 2023 H1 (23%).

The proportion of complaints upheld elevated from 60% in 2022 H2 to 61% in 2023 H1. Excluding 2022 H2, the share of upheld complaints has been steadily rising since 2019 H2.

Redress funds went up by 4% from £228m in 2022 H2 to £236m in 2023 H1, however that is 22% under the 2022 H1 determine of £304m. This year-over-year decline is basically attributable to a 75% lower within the redress paid for fee safety insurance coverage complaints, lowering from £32m in 2022 H1 to £8m in 2023 H1.

Residence finance merchandise have the best determine for opened complaints per 1,000 merchandise bought of 6.8 in each 2022 H2 & 2023 H1.