May 7, 2021

Twelve Month Payday Loans

The Passionate Pursuit Of Business

Revealed: UK’s most complained about insurance products

2 min read

It’s that time of the year again when the Financial Conduct Authority (FCA) publishes the complaints data for the second half of the previous year, and the numbers show a massive drop in complaints particularly in the insurance and pure protection product group.

In fact, it’s the insurance cluster – compared to its financial services peers banking and credit cards, decumulation and pensions, home finance, and investments – that saw the biggest decline in complaints received by firms.

In H2 2020, there were 1.02 million complaints for products under insurance and pure protection; in H1, 1.8 million. Of all the insurance and pure protection products, it was frontrunner payment protection insurance (PPI) that registered the steepest fall (at 77%) from the first half of the year.

Here are the insurance and pure protection products and their respective complaints volumes in H2:


















Product

Number of complaints

PPI

256,412

Other general insurance

229,506

Motor & transport

197,027

Property

100,307

Medical / health

60,670

Travel

46,256

Warranty

35,557

Assistance

28,425

Whole of life / term assurance / critical illness

23,674

Pet

22,254

General insurance packaged multi products

9,360

Income protection and other accident, sickness and unemployment

4,062

Other pure protection

1,333

Protection packaged multi products

259

 

Overall, the most complained about product came from the banking and credit cards family. Current accounts – with 503,813 complaints in the period – made up 23% of all the complaints. PPI came in second, accounting for 12%; credit cards, 11%; other general insurance products, 11%; and motor & transport insurance, 9%.

There were a total of 2.19 million complaints received in in the second half of 2020. According to the FCA, the figure is 26% lower than the sum posted in the first half, and also the lowest recorded since H2 of 2016.        

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