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Consumers have received around £1.9 billion in redress payments in the second half of the last year, with Payment Protection Insurance (PPI) acquiring the top position in the list of most criticised about product, as per the figures published by the Financial Conduct Authority (FCA).

The sum total of gripes reported by companies in the second of the previous years was around 3.04million and the lion’s share associated with PPI, accounted for roughly around 895,000 complaints and around £1.46bn in redress.

FCA’s data-which came in just 2 months after the statistics generated by the Financial Ombudsman Service (FOS)-showed that an excess of 36,000 new PPI cases had been brought up to the ombudsman between the months of October and December 2016. This has amounted up to 51% of the 70,900 products and service gripes in that quarter.

The most recent figures show that PPI complaints will continue to flood in, even when the FCA pushes ahead along with the roll out of deadline on PPI reclaiming-scheduled on 29 August 2019.

Nevertheless, the financial watchdog has recently been sent a formal letter to kick-start the legal process that could perhaps lead to a judicial review of the contentious time-bar on PPI claims.

Excluding PPI, the amount of gripes recorded by FCA in the second half of 2016 was 2.15million. Other most criticised about products include current accounts-this is second in the list with around 514,000 complaints, credit cards-this is the third product in the list with just about 313,000 complaints and packaged back accounts-this is new to FCA’s list, which has over 172,000 complaints.

The sum total of gripes recorded in the 2016’s second half is on the higher side in comparison to the last reporting period, since under FAC’s new rules and regulations every complaint is now mentioned in the data.

This data even reflects the truth that under these new rules, financial firms have a longer period of time to resolve gripes through less official channels. Firms get three days in order to address a complaint to the customer’s satisfaction.

The executive director at the FCA said that consumers simply want to be assured that their worries will be dealt with justly and rapidly. Also, all this data will offer them with enhanced intelligence on complaints, which includes detailed data in order to show where the financial industry is failing customers at product level.

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