FCA data shows UK financial services firms received 1.88 million complaints in the first half of 2023
In the first half of 2023, financial services companies received 1.88 million complaints, an increase of 5% over the second half of 2022.。
The Financial Conduct Authority (FCA) has published an overview of complaints reported to it by financial services firms in the first half of 2023 (1 January to 30 June 2023).。
In the first half of 2023, financial services companies received 1.88 million filed complaints, a 5% increase from the second half of 2022 (1.8 million)。
From the second half of 2022 to the first half of 2023, the product categories that have increased the number of complaints filed include: pensions and pensions (20%), investments (18%), insurance and pure protection (6%), and banks and credit cards (3%).。
The number of account opening complaints in the family finance products group decreased by 10%, from 101,333 (2H2022) to 91,469 (1H2023)。
Since the second half of 2016, current accounts have been the product with the most complaints。The number of complaints about current account openings increased from 500,371 in the second half of 2022 to 509,923 in the first half of 2023 (2%)。
Complaints about the opening of the following products increased significantly: automotive and transportation increased from 238,009 in the second half of 2022 to 278,034 (17%) in the first half of 2023; credit cards increased from 188,200 in the second half of 2022 to 201,925 (7%) in the first half of 2023; real estate increased from 86,150 in the second half of 2022 to 92,091 (7%) in the first half of 2023。
The percentage of complaints upheld increased from 60% in the second half of 2022 to 61% in the first half of 2023.。With the exception of the second half of 2022, the percentage of complaints upheld has steadily increased since the second half of 2019.。
Compensation from 2 in the second half of 2022.2.8 billion pounds to 2 in the first half of 2023.£3.6bn, an increase of 4%, but up from 3 in the first half of 2022..04 billion pounds 22% lower。The year-on-year decline was mainly due to a 75 per cent drop in compensation paid for protection insurance complaints, from £32m in the first half of 2022 to £8m in the first half of 2023.。
In the second half of 2022 and the first half of 2023, housing finance products had the highest number of complaints, with 6 complaints per 1,000 products sold..8 pieces。
Disclaimer: The views in this article are from the original author and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.
