The latest figures released by the Financial Conduct Authority (FCA) show an increase in complaints in the first half of 2023.。The report, published every six months, provides an in-depth analysis of customer complaints in the financial services industry.。

Current accounts have long topped the list of complaints.

In the first half of 2023, FCA received 1.88 million opened complaints, up 5% from the previous reporting period (1.8 million complaints) in the second half of 2022.。The rise in complaints highlights the continuing challenges the industry faces in effectively solving customer problems。

The report examines various product categories, identifying areas where complaints have surged。Notably, separation payments and pensions increased by 20 per cent, while investments and insurance / net protection both increased by 18 per cent。

Bank and credit card complaints also increased by 3%。However, there was a positive trend in the housing finance products group, with a 10 per cent reduction in complaints filed, from 101,333 in the second half of 2022 to 91,469 in the first half of 2023.。

The report reveals a long-standing problem in the industry, namely that since the second half of 2016, current accounts are still the most complained financial products.。The number of complaints related to current accounts increased from 500,371 in the second half of 2022 to 509,923 in the first half of 2023, an increase of 2%。

FCA Definition of Complaint

FCA's data publications provide these important findings and also provide an interactive console with tables and data visualizations to explore trends related to the number of complaints, compensation payments, the types of companies involved, the specific financial products mentioned in the complaints, and the reasons for the complaints。

The FCA defines complaints according to its Manual Glossary and requires companies to report complaints from qualified complainants。These complaints may include activities carried out by the company or its appointed representative in a body established in the UK。

Data also includes complaints from retail customers, professional customers and other eligible counterparties。A complaint is considered resolved when the complainant indicates that he or she accepts a written or other form of response from the company。

This comprehensive report provides an important resource for the financial services industry, regulators and consumers, highlighting areas that need attention and improvement to enhance the customer experience and ensure fairness to the UK's financial services consumers.。

The Financial Supervisory Authority's biannual publication highlights the importance of effective monitoring, analysis and handling of complaints to safeguard the integrity of the financial services industry.。