Decumulation and pension products saw a 7.1 per cent increase in their complaint numbers in the first half of 2024.
The FCA published its aggregate complaints data for H1 2024 and revealed financial services firms had received 1.86mn complaints, a 4 per cent decrease from H2 2023.
Despite the fall in overall complaints, some product groups had experienced an increase in their complaint numbers.
Decumulation and pensions saw an increase to 93,023 from 86,885 while investments experienced a 2.1 per cent in complaints from 61,513 to 62,806.
Insurance and pure protection products also recorded a rise of 1.4 per cent to 764,254 from 754,010.
The product groups which experienced a decrease in their complaint numbers were banking and credit cards and home finance.
Most specific products saw small increases or decreases but the most significant changes were in investment trusts from 1,344 in 2023 H2 to 508 in 2024 H1. Payment protection insurance also saw a decrease from 2,009 to 875.
According to the FCA, in 2024 H1 the total amount of redress paid out was £243mn, a 6.9 per cent decrease from 2023 H2 when it was £261mn.
The number of complaints upheld also fell in H1 2024 to 1,058,971 from 1,087,703 in 2023 H2.
Out of all the complaints received, 49.7 per cent were closed within eight weeks with 43.36 per cent closed within three days.
This comes as the Fos published its complaints data today (October 24) which revealed the number of complaints the service received increased by 40 per cent.
Banking and credit continued to be the most complained about sector and was the only sector that saw a year-on-year increase in complaints
Decumulation life and pension complaints saw a decline from 4,189 recorded in the first half of 2023 to 3,369 in 2024.
alina.khan@ft.com
