The FCA has published complaints data for the first half of 2020. According to the FCA figures, financial services firms received just shy of three million complaints during the first six months of the current year, 52% fewer than for the previous six months, when 6.1 million complaints were received.
The FCA product group showing the biggest drop in complaints was insurance and pure protection, where the total number of complaints received dropped from 4.68m in the second half of 2019 to just 1.8m in H1 2020. Payment Protection Insurance (PPI) accounted for much of this shift, down from 3.85m in H2 2019 to 1.09m in the first half of the current year.
After PPI, the most complained about products during the first half of 2020 were current accounts (16% of all complaints), credit cards (8%) and general insurance products (7%).
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