FCA Reports Decrease in Financial Complaints
FCA Reports Decrease in Financial Complaints
FCA Reports Decrease in Financial Complaints
News summary

The UK Financial Conduct Authority (FCA) reported that financial services firms received 1.86 million complaints in the first half of 2024, marking a 4% decrease from the previous half-year. Notable increases in complaints were observed in decumulation and pensions (up 7.1%), insurance (up 1.4%), and investments (up 2.1%). Conversely, complaints about banking and credit cards fell by 9.6%, and the total redress paid out was £243 million, a decline of 6.9% from the previous period. The Financial Ombudsman Service (FOS) noted a significant 40% increase in total complaints, with banking and credit issues making up 76% of these grievances. In particular, banking and credit complaints surged by 69% year-on-year, highlighting ongoing consumer dissatisfaction in these sectors. Firms upheld 57% of complaints, with the average payout for upheld claims being £201.

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