Consumer complaints reported by financial services firms fell by 500,000 between the second half of 2012 and the first half of 2013, according to the FCA.
Data published by the Financial Conduct Authority showed 2.9 million complaints were made in the first half of 2013, compared to 3.4 million consumer complaints reported by firms in the previous six months.
The FCA found 51 per cent of the complaints reported in the first half of 2013 were upheld, with £2.55 billion of redress paid to consumers. 92 per cent of the complaints reported in the first half of 2013 were closed in eight weeks, the highest percentage since this data was first published in 2006.
Martin Wheatley, the FCA's chief executive, said: "We expect firms to put their customers at the heart of their business – an important part of this is the way they handle customer complaints. Publishing complaints data is a powerful tool that helps encourage competition between firms to improve their service to customers, and help consumers assess their relationships with banks and other providers."
{desktop}{/desktop}{mobile}{/mobile}
In line with its objective of securing an appropriate degree of protection for consumers, the FCA requires all firms to report data on consumer complaints to us. Firms that receive at least 500 complaints in a six month period must also publish this data on their websites.
Complaints
The five most complained about firms received a total of 1.3 million complaints in the first half of 2013.
· Barclays Bank Plc – opened 370,733 complaints (a fall of 11 per cent since the second half of 2012). Of these 90 per cent were closed in eight weeks, and 62 per cent of closed complaints were upheld by the firm.
· Lloyds TSB Bank Plc – opened 253,735 complaints (a fall of 27 per cent since the second half of 2012). Of these, 90 per cent were closed in eight weeks, and 62 per cent of closed complaints were upheld by the firm.
· MBNA Limited – opened 237,103 complaints (a fall of 12 per cent since the second half of 2012). Of these, 93 per cent were closed in eight weeks, and 36 per cent of closed complaints were upheld by the firm.
· Bank of Scotland Plc – opened 222,249 complaints (a fall of 34 per cent since the second half of 2012). Of these, 97 per cent were closed in eight weeks, and 45 per cent of closed complaints were upheld by the firm.
· Santander UK Plc - opened 198,736 complaints (a fall of 16 per cent since the second half of 2012). Of these, 83 per cent were closed in eight weeks, and 43 per cent of closed complaints were upheld by the firm.
The most complained about products, in terms of complaints reported between January and June 2013 were:
· Payment protection insurance (PPI) – 1,786,626 complaints opened (61 per cent of new complaints).

· Other general insurance – 313,860 complaints opened (11 per cent of new complaints).

· Current accounts - 280,711 complaints opened (10 per cent of new complaints).

· Credit cards – 164,134 complaints opened (6 per cent of new complaints).

· Savings (including cash ISAs) and other banking products – 97,733 complaints opened (3 per cent of new complaints).

Firms reported payments of £2.55 billion to consumers in the first half of 2013. Compensation for general insurance and pure protection products (which includes PPI compensation) accounted for £2.4 billion of the total, followed by £54 million for investment products and £52 million for banking products, including current accounts, credit cards and savings products.