The British Financial Conduct Authority (FCA) has published new data on consumer complaints reported by financial services. 2.9 million complaints were made in the first half of 2013, compared to 3.4 million consumer complaints reported by firms in the previous six months, which means a decline of 500.000. 51% of the complaints reported in the first half of 2013 were upheld, with £2.55 billion of redress paid to consumers. 92% of the complaints were closed within eight weeks, the highest percentage since this data was first published in 2006.
“We expect firms to put their customers at the heart of their business – an important part of this is the way they handle customer complaints. Publishing complaints data is a powerful tool that helps encourage competition between firms to improve their service to customers; and helps consumers assess their relationships with banks and other providers,” said Martin Wheatley the FCA’s chief executive.
Complaints data: http://www.fca.org.uk/firms/systems-reporting/complaints-data
Source: British Financial Conduct Authority (FCA)