U.K. financial services firms recorded a 2.6% reduction in new complaints between January and June 2016 compared to the previous six months, according to new complaints data published Thursday by the Financial Conduct Authority. The total number of complaints was 2.05 million.
The amount of redress that firms paid to consumers declined by 1% during the period to £1.96 billion
All product categories saw a reduction in redress payments in the first half of 2016 compared with the second half of 2015, the FCA says, except for home finance products and certain insurance products.
There were just over 2 million total complaints during the first half of 2016, the FCA reports, with payment protection insurance (PPI) accounting for 930,000 of that total.
“To see another six months of reduction in the total number complaints is encouraging,” said Christopher Woolard, director of strategy and competition at the FCA. “Firms still need to continue to ensure they are doing all they can to reduce consumer dissatisfaction, but the figures show firms are taking our feedback seriously”.