Economy

Loan insurance still dominates United Kingdom financial complaints

According to figures released today by the Financial Conduct Authority (FCA), just over 1.11 million people complained about Payment Protection Insurance (PPI) in the first half of 2017, compared to 899,000 in the second half of 2016.

Financial businesses have had to report complaints in a new way since June a year ago, which has increased the number reported, the FCA said in a statement.

"But even allowing for the change in reporting rules, and some progress made, the numbers are still significant".

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There was an increase in "General administration and customer service" complaints from 27% of all complaints recorded in the first half of 2016, they now account for 38% of all complaints this year.

St James's Place Wealth Management and Sesame received 2.2 and 2 complaints respectively, per 1,000 sales.

Overall, investments complaints across products averaged 2.53 per 1,000 client accounts across a total of 65,643 complaints.

Prudential once again topped the list for the total number of decumulation and pensions complaints however, with 9,408 received - more than double of any rival.

Old Mutual Wealth received 1,379 complaints while Standard Life received 3,579.

Sixteen more lenders all had at least 10 complaints per 1,000 balances, including several high-profile firms.

When broken down by the number of complaints per account, Alliance Trust Savings received most for pensions and decumulation, with 33.1 for every 1,000 policies in force, while The Co-operative Bank received most for investments, with 136.8 for every 1,000 client accounts.

Paragon Finance led the way with 43.2, followed by Mortgage Express (part of the UKAR Group) with 41.4 and then Blemain Finance (part of Together Money) with 41.2 complaints per 1,000 balances. The total redress paid to consumers was £1.99bn in the first half of 2017.

The number of PPI complaints jumped by nearly a quarter - as the reclaim deadline was announced.

But complaints about investment products continue to have the lowest upheld rate across the financial services sector, falling from 51% in the second half of 2016 to 49% in the first half of this year.



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