Figures from the Financial Conduct Authority show complaints to financial services firm jumped from 4.29m in the first six months of 2019 to 6.02m in the second half of the year. This was driven by a surge in claims for mis-sold PPI ahead of an industry-wide deadline last August.
The data show that complaints related to PPI hit 3.71m in H2, marking a 75% increase on the 2.12m recorded in H1. Complaints about PPI accounted for 62% of all complaints made to financial companies during the second half of 2019, with half of these upheld. With those related to PPI stripped out, complaints hit 2.31m in the second half of 2019, compared to 2.18m in the previous six months. Issues around current accounts accounted for 10% of all complaints, while credit cards made up 6% and insurance products were the focus of 5%.
As well as PPI complaints increasing during H2 2019, there was a 6% increase in all other complaint volumes compared with 2019 H1, from 2.18m to 2.31m.
Excluding PPI complaints, the most complained about products were current accounts (10% of all complaints), credit cards (6%) and other general insurance products (5%). Over the same period, complaints about home finance products decreased from 8.7 to 8.4 complaints per 1,000 balances outstanding, while investment products increased from 2.1 to 2.3.
Barclays was the most complained about active lender in the second half of last year with almost 80 complaints per 1,000 mortgage accounts on its books. Only inactive lender Northern Rock Asset Management received higher levels of disgruntled borrowers with 113 complaints per 1,000 customers.
Beneath Barclays in the complaints league table was Blemain Finance, now operating under the Together brand, with 49 complaints for every 1,000 accounts. This was followed by inactive lender Bradford & Bingley with 46 complaints per 1,000 accounts. Shariah-compliant home finance provider Al Rayan Bank was next with 39 complaints per 1,000 customers.
Contextualised complaints by product group
