On 11 May 2010, the FSA published an update on aggregate financial services industry complaints data for the second half of 2009.
It has also published a commentary on the data.
The overall level of complaints increased to 2.6 million. This figure includes two years’ worth of back-dated complaints relating to the unauthorised overdraft charges test case which have been included in the complaints data following the lapse in November 2009 of the FSA’s waiver on these complaints.
As a consequence, there have been significant increases in reported complaints relating to banking products, particularly current accounts, to terms and to disputed sums and charges. The commentary also notes that total redress paid by firms was £284m, with the largest amount of redress paid by product being £144m for general insurance and pure protection products.
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