Complaints for the “decumulation & pensions” product group saw a 20 per cent rise from the second half of 2022 to the first half of 2023.
Financial services companies received 1.88 million opened complaints in H1 2023, an increase of 5 per cent from H2 2022’s 1.80 million complaints.
The product groups with increased complaint numbers from H2 2022 to H1 2023 were: Decumulation & pensions: 20 per cent, Investments: 18 per cent, Insurance & pure protection: 6 per cent and Banking and credit cards: 3 per cent.
Equiniti Financial Services Limited led in decumulation and pensions complaints with 44.21 complaints per 1,000 policies, and Newcastle Building Society had 71.43 complaints per 1,000 policies.
Creation Financial Services Limited recorded the highest complaints at 191.21 in Insurance & Pure Protection per 1,000 policies in force.
Additionally, redress payments grew by 4 per cent, from £228min the second half of 2022 to £236m in the first half of 2023. It should be noted that this sum is 22 per cent less than the £304m reported in the first half of 2022.
The compensation for payment protection insurance complaints significantly decreased by 75 per cent, from £32m in the first half of 2022 to £8m in the first half of 2023, which is the key factor behind this year-over-year decline.
The post Pensions & decumulation complaints up 20pc: FCA appeared first on Corporate Adviser.
