FCA Unveils 6% Decline in Complaints Received by Financial Firms for H2 2022

The United Kingdom Financial Conduct Authority (FCA) on Thursday has released the complaints data for the second half of 2022 (from 1 July to 31 December 2022), showing that the number of complaints received by financial firms during the period has dropped from the last same period’s 1.91 million to 1.79 million.

The home finance product group registered the biggest rise in complaints received by firms, up 14% from 2022 H1’s 88,514 to 101,331. This group received 6.8 complaints per 1,000 balances outstanding, growing from 4 complaints per 1,000 balances outstanding in H1 2022.

Current accounts have remained the most complained about products since H2 2016. Whereas, the number of complaints fell 5% over H1 2022 to 500,371.

The percentage of complaints upheld during the period has declined slightly to 60%. The percentage of complaints upheld has been steadily increasing since H2 2019.

The total amount of redress stood at £228 million, down 25% compared to H1 2022’s £304 million. This was largely attributed to insurance and pure protection that fell 55% over H1 2022 to  £41m.

Last week, the UK financial watchdog has issued warnings against 23 new companies ​that are soliciting customers in the UK jurisdiction without any licenses or are clones of authorized platforms.