UK Financial Complaints Rise 5% in H1 2023, FCA Report

UK financial complaints are up 5% in H1 2023, FCA data reveals, with pensions and investments notable areas.

Home » UK Financial Complaints Rise 5% in H1 2023, FCA Report

The Financial Conduct Authority (FCA) has released its latest report on customer/financial complaints in the financial services industry in the UK, revealing a 5% increase in complaints during the first half of 2023 compared to the previous reporting period in the second half of 2022.

In 2023 H1, financial services firms in the UK received a total of 1.88 million open complaints, up from 1.80 million complaints in 2022 H2. The data underscores the ongoing challenges faced by the industry in effectively addressing customer concerns, reflecting a 5% surge in complaints.

The report provides a detailed breakdown of complaints across various product groups. Notably, Decumulation and Pensions experienced a significant 20% rise in complaints, while Investments and Insurance/Pure Protection both reported an 18% increase. Banking and credit cards registered a 3% uptick in complaints.

However, there was a positive development in the Home Finance Product Group, which noted a 10% reduction in complaints, falling from 101,333 in 2022 H2 to 91,469 in 2023 H1.

A persistent issue in the industry is current accounts, which have remained the most complained-about financial product since 2016 H2. The number of complaints related to current accounts increased by 2% from 500,371 in 2022 H2 to 509,923 in 2023 H1.

UK Financial Complaints.

The FCA’s report not only highlights these key findings but also offers interactive dashboards containing tables and data visualizations that delve into trends related to complaint numbers, redress payments, the type of firms involved, the specific financial products cited in the complaints, and the reasons behind the complaints. The FCA defines a complaint as per its Handbook glossary and mandates firms to report complaints from eligible complainants, covering activities carried out within the UK from an establishment maintained by the firm or their appointed representative.

Complaints included in the data come from retail clients, professional clients, and other eligible counterparties. A complaint is considered resolved when the complainant indicates acceptance of the firm’s response, whether in writing or otherwise.

This comprehensive report serves as an essential resource for the financial services industry, regulators, and consumers, shedding light on areas that require attention and improvement to enhance customer experiences and ensure the fair treatment of financial services consumers in the UK. The FCA’s biannual publication underscores the importance of monitoring, analyzing, and addressing complaints effectively to maintain the integrity of the financial services sector.

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