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Peer2Peer Finance News | November 24, 2017

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Less complaints about P2P than other investments

Less complaints about P2P than other investments
Marc Shoffman

THE PEER-TO-PEER and crowdfunding sector accounted for less than one per cent of complaints about investment products in the first half of the year, the Financial Conduct Authority (FCA) has revealed.

Complaints data released by the regulator shows there were just 191 complaints about P2P and crowdfunding in the first six months of 2017, out of 65,643 complaints about investment products in total.

Firms are only required to provide further detail if there are more than 500 complaints, so no further information is provided about the P2P and crowdfunding disputes, such as who they were to and how many were rejected, upheld or resolved.

The highest proportion of complaints in the investment bracket was for endowments and ISAs, accounting for 24 per cent each.

Across all financial services, not just investments, 3.32m complaints were received by 3,160 firms between January and June. 97 per cent of these were received by 226 firms, which received 500 or more complaints each, the FCA said.

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A third of overall complaints, 1.11m, related to payment protection insurance, followed by current accounts and credit cards.

The latest figures come after FCA research last week showed relatively low usage of P2P but also comparatively smaller risks of financial vulnerability.

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