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Banking and credit card firms receive six times more complaints on average than organisations across other financial services sectors, according to analysis from Huntswood.
Analysis of the Finanical Conduct Authority’s (FCA) latest opened complaints data found organisations in the banking and credit card sector received an average of 15,360 complaints over six months.
This compared with an average of 2,540 across the decumulation and pensions, home finance, insurance and pure protection, and investments sectors.
Among these sectors, insurance and pure protection firms recorded the highest average number of complaints at 4,058.
Decumulation and pensions firms received an average of 1,487 complaints, while home finance organisations recorded 1,331.
Investment firms had the lowest average, at 655 complaints over the six-month period.
Overall, FCA data showed more than 1.74 million complaints were opened by financial services firms in the latest six-month reporting period.
James Tattersall, senior director, advisory at Huntswood, said: “Data shows that for the past five years complaints received by financial services companies have remained at between 1.7 million and two million every six month period.
“Firms across all sectors need solutions and strategies which can help address the ongoing challenges.”
Siddharth Parashar, managing director, UK & Europe at Huntswood/ResultsCX, added: “Financial services companies are facing increasing regulatory scrutiny and pressure to resolve complaints.
“Inevitably despite their best efforts and commitment to best practice they will receive complaints as demonstrated by our analysis.”