Over 1M complaints filed against UK banking products in 6 months

The average volume of complaints registered per 1,000 accounts dropped from 4.6 to 4.2 in 2019, compared to the second half of the year before

UK banking complaints

Over 1 million complaints filed against UK banking products in 6 months. Source: shutterstock.com

According to LearnBonds, during the first half of 2019, over 1 million complaints were lodged regarding banking and credit card products.

Current accounts registered the highest number of complaints at 590,663. Credit card complaints took second place with 354,806.

The research says banking and credit cards make up 28% of all complaints in the second half.

As to the causes of complaints, 62.2% (744,863) of them originated from general administration and customer services. At the same time, 20.3% (243,426) were caused by data, charges, and product performance.

According to the FCA regulations, firms must report complaints from authentic complainants concerning activities conducted from the firm’s establishment within the UK borders. FCA conducts a probe into individual complaints as well, but it also requires specific firms to enact a system for resolving disputes with clients.

SEE ALSO: