FCA reveals 20% jump in pension complaints

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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.”