FCA insurance complaints fall by 10%

Complaints against general insurance products received by the Financial Conduct Authority (FCA) have fallen by 10% for the first half of 2013 compared with the same period for 2012.

However, the 2.1 million complaints received over the period is still the third-highest figure for a six-month period received to date by the regulator.

Complaints figures peaked over H2 2012 after a period of rapid rises, and general insurance is still the most complained about industry after replacing banking at the top of the complaints list in 2011 (see graph below).

Payment protection insurance (PPI) complaints accounted for more than 85% of the insurance complaints referred to the regulator.

FCA chief executive Martin Wheatley 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 help consumers assess their relationships with banks and other providers.”