FCA: Firm complaints data 2023 H1 (1 January to 30 June 2023)

Published by:
Financial Conduct Authority (FCA)
Last updated:
19 October 2023
Topic:
Not added
Licence:
Open Government Licence

Summary

Financial firms provide data to the FCA every 6 months about the complaints they have received, what these were about and how they dealt with them. The FCA collects and publishes data at both an aggregate (market level) and firm specific, although only publishes firm specific data for firms reporting 500 or more complaints in a 6 month reporting period, or 1,000 or more complaints in an annual reporting period.

The FCA uses the complaints data to help assess how firms interact with and treat their customers as well as monitoring their performance over time. It also uses this data to guide its work in supervising firms and markets, highlighting any potential concerns with specific financial products offered.

Key findings include:

  • In 2023 H1, financial services firms received 1.88m opened complaints, an increase of 5% from 2022 H2 (1.80m).

  • The product groups that experienced an increase in their opened complaint numbers from 2022 H2 to 2023 H1 were the following: decumulation & pensions (20%), investments (18%), insurance & pure protection (6%), & banking and credit cards (3%).

  • The home finance product group saw a 10% reduction in opened complaints from 101,333 (2022 H2) to 91,469 (2023 H1).

  • Since 2016 H2, current accounts have remained the most complained about product. The number of current accounts opened complaints increased, from 500,371 in 2022 H2 to 509,923 in 2023 H1 (2%).

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Data links

Link to the data Format File added Data preview
Download the aggregate complaints data 2023 H1 XLSX 19 October 2023 Not available
Download firm specific complaints data 2023 H1 XLSX 19 October 2023 Not available
Aggregate complaints data: 2023 H1 HTML 19 October 2023 Not available
Firm specific complaints data HTML 19 October 2023 Not available
Complaints data HTML 19 October 2023 Not available

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