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.

In order for workers to enjoy a comfortable retirement that includes holidays abroad, a generous clothing allowance and a car they will need to have saved enough for a £33,000 per year income.  

According to research carried out by Loughborough University and the Pensions and Lifetime Savings Association (PLSA), workers who only manage to save enough for a retirement income that provides them with £10,200 a year (£15,700 for couples) will achieve a minimum living standard, those who managed to save enough for £20,200 a year (£29,100 for couples) will be able to live a moderate lifestyle during retirement and those who are able to save enough for £33,000 a year (£47,500 for couples) will be able to enjoy a comfortable retirement.

The study took all aspects of people’s lifestyles into account when deciding what constituted as a minimum, moderate and comfortable retirement lifestyle. The report found that a minimum living standard will enable a single retiree to spend £38 per week on a food shop, have a one week holiday and a long weekend in the UK per year, will not be able to afford a car and will have £460 per year for clothing and footwear.

A single person able to afford a moderate retirement will be able to spend £46 on a food shop each week, enjoy two weeks in Europe and a long weekend in the UK each year, and will have £750 to spend on clothing and footwear each year.

Meanwhile, a single person enjoying a comfortable retirement will be able to spend £56 per week on their food shop, enjoy three weeks in Europe every year and spend £1,000-£1,500 on clothing and footwear each year.

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 number of first-time buyer mortgages completed in August was at its highest level since 2007, data released by UK Finance reveals.

According to UK Finance’s Mortgage Trends, there were 35,010 new first-time buyer mortgages completed in August, a 0.7% increase on July and the highest monthly total in 12 years .

Statistics released today by the Office of National Statistics (ONS) have shown continued slowing down of house price growth and a flat-lining of inflation for the months of August and September respectively.

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