However, the number of complaints about ‘advising, selling and arranging’ fell to 43% of all complaints compared to 59% in the first half of 2016.

The total redress paid to consumers was £1.99 billion in the first half of 2017 and 82% of the total redress payments were for PPI complaints.

In terms of advice complaints, St James’s Place recorded the highest number with 1,289. About one third related to pensions decumulation and general pensions issues. Sesame recorded the second highest number of complaints at 665.

The big five High Street banks received most complaints overall with Barclays recording 446,978.

The FCA says that since June 2016, firms have been required to report data in a new way which has increased the number of complaints reported. This is the first half year in which all firms are reporting under the new rules.

Complaints about ‘general administration and customer service’ now account for 38% of all complaints.

Payment protection insurance (PPI) continues to be the most complained about product making up a third of all complaints in the first half of 2017. The total number of PPI complaints increased by 24% from 899,000 to 1.11m. Excluding PPI, the number of complaints was 2.21 million.

Christopher Woolard, executive director of strategy and competition, said: “We now require firms to report all complaints which gives us a fuller picture of where the industry might not be meeting customer needs. But even allowing for the change in reporting rules, and some progress made, the numbers are still significant.

“Firms need to do all they can to reduce complaints and ensure that they are working in the best interests of consumers.”