The number of complaints about financial services firms fell in the first half of 2013. However, consumers still raised almost 16,000 issues a day about insurance and banking products, figures from the regulator show.
Between January and June, 2.9m complaints were lodged with firms, 15% fewer than in the previous six months, the Financial Conduct Authority (FCA) said.
Of those, customers' complaints were upheld in 51% of cases, and firms paid £2.55bn in compensation.
The fall in the number of reported complaints was chiefly driven by an 18% drop in the number of consumers seeking redress for mis-sold payment protection insurance policies.
However, cases around mis-selling of PPI, which was sold alongside loans and credit cards, often to consumers who would never be able to make a successful claim, still accounted for 1.8m complaints – or 61% of the total – and for £2.4bn worth of compensation.
Other insurance products were the subject of 313,860 consumer complaints, a 6% increase on the second half of 2012. The only other area to see a rise in complaints was personal pensions, where the number of complaints also rose by 6%.
The FCA figures show the most complained about company was Barclays bank, which received 370,733 new complaints, a drop of 10.52% on the previous six months. Of those, 90% were closed in eight weeks and 62% were found in favour of the consumer.
Lloyds TSB came second, with 253,735 complaints, a drop of 27% on the second half of 2012. Its settlement rate was identical to Barclays' rate.
Although overall complaints about credit cards were down by 42% over the period, card provider MBNA featured third in the league table of most complained-about companies. It received 237,103 over the period, but the vast majority were for sales of insurance, including PPI, rather than the cards it issued. It found in favour of customers in just over a third of cases.
Martin Wheatley, the FCA's chief executive, said: "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."
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