Complaints against financial services companies drop by 15 per cent

 
Peter Spence
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The Financial Conduct Authority has announced that 2,479,029 complaints were opened against financial service firms between July and December 2013.

That's down 15 per cent from the 2,911,154 complaints reported in the previous six month period.

PPI claims saw the greatest number of claims, with 1,390,756 opened during the period. That number is down 22 per cent on the first half of 2013.

Total redress paid in the second half of 2013, however, is up. From £2.55bn to £2.65bn. 94 per cent of all redress payments were paid for GI and pure protection products which include PPI, says the FCA.

Here's how the changes stack up by company:

  • Barclays Bank – 309,494 (a decrease of 17 per cent since the first half of 2013)
  • Lloyds Bank – 256,656 (an increase of one per cent since the first half of 2013)
  • MBNA - 213,311 (a decrease of 10 per cent since the first half of 2013)
  • Bank of Scotland – 181,353 (a decrease of 18 per cent since the first half of 2013)
  • National Westminster Bank – 175,731 (a decrease of five per cent since the first half of 2013)