Complaints about P2P firms fell in second half of 2022
The City watchdog received 562 complaints about crowdfunding and peer-to-peer investments in the second half of 2022, down from 602 in the first half of the year.
New data from the Financial Conduct Authority (FCA) found that financial services firms received 1.79 million complaints overall in the second half of 2022, a six per cent decrease from the first half of the year.
ISAs where investments are held saw complaints fall to 15,986 from 18,198 in the second half of 2022.
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However, savings, including applicable ISAs, saw one of the most notable increases. 69,256 complaints were made in the second half of 2022, up from 51,415.
Complaints about investment bonds rose to 8,199 in the second half from 7,603.
The percentage of complaints upheld decreased slightly from 61 per cent in the first half of 2022 to 60 per cent in the second half, the FCA said.
The vast majority of complaints were closed within eight weeks.
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£228m was paid out in compensation in the second half, compared to £304m in the first half of the year.
Total redress for 2022 was lower than 2021, which the FCA attributed to a decrease in compensation pay-outs for insurance-related claims.
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Former peer-to-peer lender Zopa, which is now a digital bank, attracted 3.41 complaints per 1,000 accounts over the second half of 2022.
Metro Bank, which owns RateSetter’s consumer loan book, saw 6.58 complaints about home finance per 1,000 accounts over the period.