Court cases in terms of tide accounts and bank cards larger in the second one part of ultimate life, consistent with figures from the Town regulator.
The Monetary Habits Authority (FCA) recorded 874,568 proceedings about banking and bank cards in the second one part of 2023, up via 3.2% when put next with the primary part of ultimate life.
Court cases about tide accounts larger via 1% evaluating the primary and 2d halves of 2023, with 515,336 gripes in the second one part of 2023.
Bank card proceedings jumped via 7.5% over the similar length, with 217,032 proceedings in the second one part of ultimate life.
Within the FCA’s insurance coverage section, motor and transport-related proceedings larger via 1%, to 281,082 in the second one part of 2023.
The FCA’s figures additionally confirmed that investments-related proceedings additionally larger, via 3.4%, when evaluating the second one part of 2023 with the primary part, with 61,446 gripes recorded within the ultimate six months of 2023.
Court cases in terms of pensions and insurance coverage fell in the second one part of ultimate life.
Total, in the second one part of 2023, monetary services and products companies won 1.87 million proceedings, which was once a trim of one% when put next with the primary part of 2023.
For the reason that fee coverage insurance coverage (PPI) height in 2020, proceedings have remained somewhat consistent, the FCA stated.
The proportion of proceedings that have been guarded lowered from 61% within the first part of 2023 to 58% in the second one part of ultimate life.
In the second one part of 2023, round £259 million was once paid out in redress. That is 10% upper than the primary part of ultimate life. The common redress quantity paid was once £203, up from £183 within the first part of 2023.
The FCA publishes proceedings information each six months and its figures come with submissions from companies reporting 500 or extra proceedings inside a six-month length, or companies reporting 1,000 or extra proceedings in a life.
The regulator makes use of the information to backup assess how smartly companies are treating their consumers and the way their efficiency adjustments over life.
Listed below are the manage 3 maximum complained-about merchandise in the second one part of 2023, with their section in brackets and the selection of proceedings recorded, consistent with the FCA’s figures:
1. Wave accounts (banking and bank cards), 515,336
2. Motor and shipping (insurance coverage and natural coverage), 281,082
3. Bank cards (banking and bank cards), 217,032