Monetary providers companies acquired 1.86 million complaints within the first half of this 12 months and paid out £243 million in redress, in keeping with the Metropolis regulator.
The Monetary Conduct Authority (FCA), which printed the figures on its web site, mentioned that since complaints about fee safety insurance coverage (PPI) peaked in 2020, half-yearly complaints have remained comparatively fixed at between 1.8 million and a pair of.0 million.
Complaints associated to pensions, insurance coverage and investments elevated between the second half of final 12 months and the primary half of 2024, the regulator mentioned.
Banking and bank cards and residential finance-related complaints fell over the identical interval.
The FCA mentioned there have been decreases within the three most frequently complained about merchandise: present accounts; motor and transport-related gripes; and bank cards.
Some 492,557 present account complaints have been reported within the first half of this 12 months, down 4.5% in contrast with the earlier six months.
There have been 276,469 motor and transport-related complaints – a 1.7% decline on the earlier six months.
And 222,529 bank card complaints have been recorded – a 4.4% fall in contrast with the earlier six months.
Total, the share of complaints that have been upheld by companies remained at 57% between the second half of 2023 and the primary half of 2024.
The typical redress paid for upheld complaints within the first half of this 12 months was £201.
The figures have been launched because the Monetary Ombudsman Service (FOS), which resolves disputes between shoppers and companies, reported that the complaints it has been seeing jumped by greater than 40% within the first half of this 12 months in contrast with the identical interval final 12 months.
It acquired 133,019 complaints between January and June 2024 in contrast with 93,114 complaints in the identical interval in 2023.
Banking and credit score continues to be essentially the most complained about sector, the service mentioned.
Within the first six months of 2024, shoppers lodged 101,031 banking and credit score complaints, together with disputes about bank cards and unaffordable lending, automobile finance woes in addition to fraud and scams.
Over half of all banking and credit score complaints have been introduced by skilled representatives.
Abby Thomas, chief govt and chief ombudsman at FOS, mentioned: “Companies ought to put shoppers on the coronary heart of their service however the excessive stage of complaints we obtain reveals that’s not all the time the case.
“It’s important that companies are open and clear with their prospects, treating them with equity and understanding.
“While skilled representatives have an vital position to play, they have to be certain that their instances are effectively evidenced and have benefit.
Within the first six months of 2024, the FOS upheld 35% of complaints in shoppers’ favour, in contrast with 37% within the first half of 2023.