The Financial Conduct Authority had 1.87mn complaints reported to it by firms between July and December 2023.
The latest complaints data published by the regulator found overall the number of complaints decreased in H2 by just 1 per cent from H1 2023 (January- June).
According to the FCA, it uses this data to evaluate firms’ treatment of their customers and track changes in their performance over time.
It also said it uses the information to guide supervision of firms and markets and to identify any potential concerns related to specific financial products.
The data revealed complaints regarding investments increased by 3.4 per cent from 59,417 in 2023 H1 to 61,446 in H2.
Isas, where investments were held, saw an increase of 5,166 complaints in H2 2023 compared to the same period last year.
While investment bond products saw an increase from 8,199 in H2 2022 to 11,253 in H2 2023.
Platforms also saw an increase in complaints rising from 5,055 in H2 2022 to 7,842 in H2 2023.
The product groups that experienced a decrease in their complaint numbers were decumulation and pensions as well as insurance and pure protection.
Decumulation and pensions decreased by 2.8 per cent from 88,058 in H1 2023 to 85,547 in H2 2023.
Insurance and pure protection also decreased by 5.8 per cent from 800,253 to 753,192.
Despite this, the data showed complaints regarding annuities increased in H2 2023 to 8,355 compared to the same period last year with 6,494 complaints.
While workplace personal pensions including Sipps also had an increased number of complaints from 13,713 in H2 2022 to 17,614 in H2 2023.
Elsewhere, the data showed the percentage of complaints upheld decreased from 61 per cent in H1 2023 to 58 per cent in H2 2023.
However, the total amount of redress increased to £260mn from £236m across the two periods with the average redress upheld being £203 in H2 2023.
alina.khan@ft.com
