Financial services complaints fall by 500,000 in six months as Barclays receives over 370,000

Consumer complaints to the financial conduct authority (FCA) have dropped by 500,000 between the second half of 2012 and the first half of 2013.

Ian McConnell, financial services partner at PwC, says that the fall is "encouraging" and shows "that the issues faced by the financial services industry are being dealt with."

McConnell says the numbers "would suggest that the back of the PPI issue has been broken and is now on a downward trend with banks getting through complaints more efficiently."

Most complained about firms in the first half

Complaints openedFall in complaintsPercentage closed in eight weeksPercentage closed upheld by the firm
Barclays370,73311 per cent9062
Lloyds TSB253,73527 per cent9062
MBNA237,10312 per cent9336
Bank of Scotland222,24934 per cent9745
Santander UK198,73616 per cent8343

Most complained about products between January and June 2013

Complaints openedPercentage of new complaints
Payment protection insurance (PPI)1,786,62661
Other general insurance313,86011
Current accounts280,71110
Credit cards164,1346
Savings (including cash ISAs) and other banking products97,7333

2.9m complaints were made in the first half of 2013, compared with 3.4m complaints made by firms in the previous six months. 51 per cent of the complaints made in the first half of 2013 were upheld, with £2.55bn of redress paid to consumers.

92 per cent of those complaints were closed in eight weeks, the highest percentage since the data was first published in 2006.

Martin Wheatley, the chief executive of the FCA, said that "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."