New figures from the UK’s top financial market regulator reveals the number of complains jumped from 3.91 million in the last six months of 2018 to 4.29 million in the first half of 2019.
It explained that this increase was driven by a wave of PPI complaints in the lead-up to the deadline of reporting bad payment protection insurance behaviours this summer. The number of PPI complaints grew from 1.58 million to 2.12 million during the period.
The FCA also noted that while PPI complaints increased, the number of non-PPI complaints decreased by 6%.
When the FCA removed the number of PPI complaints, the financial watchdog said it had received the lowest number of complaints ever since 2016.
The second most common complaints were regarding products, representing 14% of the reported complaint. Credit cards complaints constituted 8% of the complaints and motor and transport insurance took home 6% of the complaints.
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