Complaints about financial services firms fall 15% as PPI misselling clean up finally begins to tail off

9th April 2014

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Consumers made a total of 2.5 million complaints to firms in the second six months of 2013 according to the financial watchdog the Financial Conduct Authority.

This is 15% fewer than the number made in the first half of the year, mostly due to complaints about payment protection insurance dropping 22% to 1.4 million. However, complaints about other insurance products increased 3% to 321,812.

There was also a drop in complaints about credit cards, down 14% to 140,829, and savings (including Cash ISAs) and other banking products down 16% to 82,353. Complaints about current accounts increased 8% to 303,110.

Barclays Bank remains the most complained about firm with 309,494 complaints though the picture is improving as this represented a 17% fall. Lloyds Banking Group was next on 256,656 complaints. The most complained about product category remains PPI with the number of complaints still at 1,390,756 although this figure is down 22% on the previous figure.

Martin Wheatley, FCA chief executive, said:  “No firm wants to top this particular list and they all should be striving to ensure that customers are being treated fairly and not given cause to complain.  This is an indication that firms seem to be putting customers at the heart of their business, however, there is clearly more for us all to do to show consumers their interests come first.”

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Top five complaints by firm

Top five complaints by type of product

Top five firms in the life and pensions and decumulation (annuities and drawdown) category

The Prudential Assurance Company Limited – 6,391

Friends Life Limited – 6,219

Phoenix Life Limited – 5,142

Aviva Life Services UK Limited – 4,458

The Royal London Mutual Insurance Society Limited – 3,605

Top five  firms with complaints in the investment category

Hargreaves Lansdown Asset Management Limited – 3,173

Barclays Stockbrokers Limited – 1,799

Santander UK Plc – 1,791

Financial Administration Services Limited – 1,540

HSBC Bank Plc – 1,480

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