View more on these topics

FCA reveals 20% jump in pension complaints

FCA interior 620x430

The number of pension complaints has risen 20 per cent in the last six months, FCA data reveals.

The latest complaints data from the regulator shows there was a total of 73,055 complaints about decumulation, life and pensions products between January and June.

Personal investment firms also saw complaints rise by 2.7 per cent to 22,648 in the same period.

Complaints against investment management firms rose 22.8 per cent in the first half of 2015 to 14,955.

There was a 4.5 per cent rise in complaints about investment products overall. However, within this group complaints about structured products fell 51.5 per cent compared to the last six months of last year, while investment bonds saw a smaller drop in complaints of 0.5 per cent

The data shows a 21.8 per cent rise in complaints about banking and credit cards, despite a drop in payment protection insurance complaints.

Barclays Bank has once again topped the FCA’s table of most complained about firms, seeing a 2.4 per cent rise since the previous six months.

Barclays received the most complaints, at 283,221, followed by Lloyds Bank with 232,971 complaints. Bank of Scotland, Natwest and HSBC followed in the complaints list.

Redress paid for banking and credit card products rose by 46.7 per cent to £212.4m, when compared to H2 last year.

PPI complaints fell by 16.6 per cent compared to the second half of 2014, a consistent trend since 2012.

FCA director of strategy and competition Christopher Woolard says: “While the ongoing fall in PPI complaints is welcome, this is the second half-year running that we have seen complaints about banking products rise. It is clear that firms need to look at the causes for this rise and where necessary take action to address the causes of the trend.” 

Recommended

4

Profile: The complaints commissioner on regulating the regulators

For his first job in financial services, Antony Townsend has certainly gone in at the top: regulating the regulator. He  took over the role of complaints commissioner last May, tasked with independently reviewing complaints about the actions of the FCA, the Prudential Regulation Authority and the Bank of England. And while he has not previously […]

FCA logo new 3 620x430
1

FCA weighs PPI compensation cut off

FCA directors are to hold talks about introducing a deadline for lodging payment protection insurance claims, Sky News reports. The misselling scandal has so far cost banks around £25bn in compensation payments. Recent trading statements shows banks have set aside hundreds of millions more to guard against future claims. But the regulator is to debate […]

Barclays-HSBC-London-Canary-Wharf-2012-700x450.jpg
3

FOS investment complaints against banks soar 80%

Investment complaints referred to the Financial Ombudsman Service about the most complained about firms between January and June have soared 80 per cent since last year. The FOS’s half-year data, published yesterday, shows there were 1,002 complaints relating to investment products and services made against the top five worst offenders. Ranked by investment complaints, Lloyds […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
3

FOS reveals most complained about advice firms

Embattled network Sesame has once again topped the list of most complained about adviser businesses, the latest Financial Services Ombudsman data shows. In the six months to July, there were 172 complaints relating to Sesame – a 13 per cent fall on the same period last year when there were 197 new cases. Openwork is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. To be fair, with some providers a gasp of frustration is enough to constitute a basis for complaint!

Leave a comment