Complaints from consumers reported by financial services firms dropped 15.05% from H2 2012 to just over 2.9 million in H1 2013, according to the Financial Conduct Authority (FCA).
The total of 2,907,117 complaints, recorded between January and June, was also down 14.61% year-on-year.
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Of those: 2,126,403 complaints were listed as ‘general insurance & pure protection’, which would include payment protection insurance (PPI), down 14.75% on the second half of 2012 and down 10.17% year-on-year.
Just over half of those complaints received in the first half of this year were upheld, with £2.55bn paid out to consumers.
Finance firms are required to report complaints data to the FCA, with those companies which receive in excess of 500 complaints in a half-year obliged to publish the data on their websites.
richard.brown@timetric.com
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