FSA announce increase in complaints to financial services firms

The Financial Services Authority (FSA) has today published figures showing that complaints to financial services firms have increased by 59% - largely driven by Payment Protection Insurance.

The main trends in the figures, reported in the first-half of this year, are:

  • Complaints about general insurance and pure protection increased by 99% to 2,541,430;
  • Within this product group, payment protection insurance accounted for 2,232,294 of those complaints, an increase of 129%;
  • The number of banking complaints increased by 5% to 828,040;
  • Within this product group, complaints about current accounts dropped by 13%.