Payment protection insurance (PPI) still account for more than 61% of the 2.9 million customer complaints, though the number of PPI complaints has fallen by 18% over the first half of this year compared with 2012-H2.
Data issued by the Financial Conduct Authority (FCA) show that complaints about current accounts, credit cards, savings and other banking products account for 19% of the 2.9 million complaints in the period. While complaints about all three fell in the first six months of 2013, the fall in complaints about credit cards was particularly marked: down 42% to 164,000.
Fully 95% of banking complaints in 2013-H1 were closed within eight weeks (up from 88% in 2012-H2) but, of those, the proportion of complaints about banking products that were upheld rose from 40% to 45%.
Of the total number of complaints, 20% related to ‘general admin/customer service’ and 11% were about ‘terms and disputed sums/charges’.
The cost to financial services firms in terms of redress paid to clients fell from £2.96 billion in 2012-H2 to £2.55 billion, but insurance products (including PPI) accounted for £2.39 billion of the redress paid so far this year. Redress paid in relation to banking products amounted to just under £53 million.
The FCA data can be downloaded by clicking here.
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