General insurance third most complained about product to FCA
Complaints against general insurers and intermediaries made to the FCA fell by 4% in the first half of the year.
In total, 485,858 complaints were registered against brokers and insurers.
There were 307,096 complaints against intermediaries – down 5% compared to the second half of 2013. Complaints against general insurers dropped by 2% to 178,762.
PPI remained the most complained about product. The 1.2m complaints made in the first half of the year accounted for 52% of all complaints and 78% of complaints about insurance products.
The FCA’s director of policy, risk and research, Christopher Woolard, said:
“It’s important that firms now get on top of the issues that are driving complaints. Although it’s encouraging to see the total number of complaints fall, there is clearly further work to be done to ensure that consumer interests come first”
The top five most complained about products and services in the first half of 2014 were:
- Payment protection insurance – 1,236,899 complaints (down 11%, compared to the previous 6 months)
- Current accounts –319,505 complaints (up 3%, compared to the previous 6 months)
- Other general insurance – 318,502 complaints (down 1%, compared to the previous 6 months)
- Credit cards –127,708 complaints (down 10%, compared to the previous 6 months)
- Savings, including cash ISAs, and other banking - 89,767 complaints (up 4%, compared to the previous 6 months)