The latest consumer complaints data published by the FCA, shows 2,479,029 new complaints were opened against financial services firms between July and December 2013. However, this marked a fall of 15% compared to the 2,911,154 complaints reported in the first half of the year.
In terms of investment, Hargreaves Lansdown was complained about 3,173 times; Barclays Stockbrokers received 1,799 complaints; Santander registered 1,791; Financial Administration Services was 1,540 and HSBC was at 1,480.
However, these were small fry considering the overall numbers – banks Barclays and Lloyds were complained about over 560,000 times combined. The biggest complaints were about PPI (accounting for more than half of all complaints), other general insurance products, current accounts, credit cards and savings.
The total amount of redress paid in the second half of 2013 was £2.65bn, an increase from £2.55bn in the first half of the year.
Martin Wheatley, FCA chief executive, said: “No firm wants to top this particular list and they all should be striving to ensure that customers are being treated fairly and not given cause to complain. This is an indication that firms seem to be putting customers at the heart of their business, however, there is clearly more for us all to do to show consumers their interests come first.”
