Data gathered by Learnbonds.com shows that during the first half of 2019, over 1 million complaints were lodged in regards to banking and credit card products. Notably, current accounts registered the highest complaints.
Current Accounts Register Significant Complaints
The complaints lodged with the Financial Conduct Authority (FCA) indicates that the number of complaints against current accounts was 590,663, while credit cards and repackaged accounts registered 354,806 and 99,600 complaints respectively. Complaints regarding arrears stood at 39,542.
Most of the complaints originated from administration and customer care services with a record 744,863 complaints, while clients who were unhappy with charges, and product performance stood at 243,426. Elsewhere, some 129,838 customers had issues with advising, selling and arranging of banking and credit card products.
As per the report, UK firms must report complaints from eligible complainants in regards to activities conducted from the firm’s establishment.
“The complaints data is used to assess how financial institutions within the UK are relating to their customers while focusing on how their performance changes over time.”
The data was compiled after reviewing the total number of opened, closed and upheld complaints, the amount of redress paid, the type of firm the complaint was about, the type of product the complaint was about and the reason why the complaint was raised. The full story, statistics and information can be found here https://learnbonds.com/news/over-1-million-complaints-lodged-against-uk-banking-products-in-2019-h1/