Current account and credit card and complaints increased in last half of 2023

Complaints relating to current accounts and credit cards increased in the second half of last year, according to figures from the City regulator. The Financial Conduct Authority (FCA) recorded 874,568 complaints about banking and credit cards in the second half of 2023, up by 3.2% compared with the first half of last year. Complaints about current accounts increased by 1% comparing the first and second halves of 2023, with 515,336 gripes in the second half of 2023. Credit card complaints jumped by 7.5% over the same period, with 217,032 complaints in the second half of last year. In the FCA’s insurance category, motor and transport-related complaints increased by 1%, to 281,082 in the second half of 2023. The FCA’s figures also showed that investments-related complaints also increased, by 3.4%, when comparing the second half of 2023 with the first half, with 61,446 gripes recorded in the last six months of 2023. Complaints relating to pensions and insurance fell in the second half of last year. Overall, in the second half of 2023, financial services firms received 1.87 million complaints, which was a decrease of 1% compared with the first half of 2023. Since the payment protection insurance (PPI) peak in...

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