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April 26, 2017updated 18 May 2017 1:39pm

FCA: H2 2016 complaints top 3m

By Jonathan Minter

The number of complaints reported by firms regulated under the Financial Conduct Authority topped 3m in the second half of 2016.

This was the first period under rules requiring firms to submit complaints data including complaints resolved by the end of the following business day after they were received.

As a result, the regulator said the most recent data set is not comparable with older data, but that it believed the new data set would be more informative, and provide it with better intelligence.

Unsurprisingly, PPI was that most complained about product – making up 895,000 of the 3.04m complaints. Current accounts were the next most complained about product, with around 514,000 complaints.

The total redress paid to consumers was £1.9 billion in the second half of 2016. When all redress payments related to PPI are excluded, the redress figure is approximately £0.3 billion during the same time period.

Although the FCA did break down complaints numbers to firm level, it did not break this down to trading name level. So, for example, it revealed the total number of complaints FirstRand Bank received in the second half of 2016, but did not give the figure for MotoNovo.

In addition, some firms data was for the full year, making comparison between firms more difficult.

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