Complaints increase for financial services

The Financial Conduct Authority (FCA) has published its complaints figures for the first half of 2018, showing that complaints have continued to increase for the fourth successive half year, reaching a new record level of 4.13m complaints made to 3,161 firms.

The 10 per cent increase compared with the previous half year was heavily focussed on 235 firms, with PPI the most complained about product, followed by current accounts and credit cards.

Christopher Woolard, executive director of Strategy and Competition said: “Firms need to be doing all that they can to reduce complaints. It is clear that firms need to look at the cause of the rise in complaints and address these issues to prevent further increases. It should be a priority for firms to ensure good consumer outcomes are achieved and they should be making sure that they are taking the right steps to treat customers fairly.”

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