Top Other Money News

Derin Clark

Derin Clark

Online Reporter
Published: 17/10/2019

The number of consumer complaints against regulated finance companies has increased during the first six months of 2019 compared to the second half of 2018.

Data released by the Financial Conduct Authority (FCA) today shows that during the first half of 2019 there were 4.29m complaints compared to 3.91m during the second half of 2018. This rise was mainly driven by a 34% increase in the number of PPI complaints, from 1.58m to 2.12m. Overall, PPI continued to be the most complained about product, accounting for 49% of all complaints received during the first six months of 2019.

While PPI complaints increased, there was a 6% drop in the number of non-PPI complaints from 2.32m during the second half of 2018 to 2.18m during the first half of 2019. In fact, take out the PPI complaints and the first half of 2019 saw the lowest number of complaints firms have received since new reporting rules came into effect in 2016.

After PPI, the most complained about products were current accounts (14% of reported complaints), credit cards (8%) and motor and transport insurance (6%). Overall, excluding PPI, the average redress per complaint that was upheld increased from £175 to £200 between the second half of 2018 and the first half of 2019.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change.

The Bank of England has unveiled the new design of the £20 note today, which features the artist JMW Turner and will be released into circulation from 20 February 2020.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change.

From January 2020, Barclays customers will no longer be able to withdraw money at Post Office branches, but the bank has revealed plans today to aim to make banking at Barclays more accessible in rural areas.

Many people who live in rural and deprived areas depend on their local Post Office for their banking needs, especially as banks and building societies continue to close locations across the country.

The Post Office announced today that under a new Banking Framework agreement, customers from 28 banks will continue to have free access to everyday banking services at Post Office branches. The only bank to not sign the agreement was Barclays Bank, which means that although Barclays customers will still be able to deposit cash, cheques and access change and balance enquires at their local Post Office, from the 8 January 2020 they will not be able to withdraw cash.

Commenting on the agreement, Martin Kearsley, director of banking services at Post Office said: “We’re delighted to have signed this agreement with almost every UK bank, ensuring that their customers, no matter what their personal circumstances or location may be, can have convenient and secure access to everyday banking services such as cash withdrawals and deposits. With 93% of people living within a mile of a Post Office, our branches are ideally situated to provide easy access to vital banking services.”

Although the majority of banks signed the agreement, Post Office was disappointed that Barclays Bank opted out, however the bank announced plans today to halt remote branch closures for two years and to launch a new cashback scheme for its customers.

Search News

Search News

Most Popular Other Money News

news icon
Moneyfacts Weekly Product News - 17.10.19

17th October 2019

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change.

Read More
news icon
New £20 banknote includes state-of-the-art security features

10th October 2019

The Bank of England has unveiled the new design of the £20 note today, which features the artist JMW Turner and will be released into circulation from 20 February 2020

The Bank of England has unveiled the new design of the £20 note today, which features the artist JMW Turner and will be released into circulation from 20 February 2020

Read More
news icon
Moneyfacts Weekly Product News - 10.10.19

10th October 2019

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week.

Read More
news icon
Barclays halts branch closures as it withdraws cashback service at Post Office

8th October 2019

From January 2020, Barclays customers will no longer be able to withdraw money at Post Office branches

From January 2020, Barclays customers will no longer be able to withdraw money at Post Office branches

Read More

More Money and Finance News

Get our weekly newsletter

Weekend Moneyfacts is available free by email to all Moneyfacts.co.uk users.

Please send me Weekend Moneyfacts, Savers Friend and selected third-party offers.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy