FCA Reports Decrease in Financial Complaints

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.