Peer-to-peer lenders and crowdfunding platforms received 2,090 complaints in the second half of 2020.
According to the data collected by the Financial Conduct Authority (FCA), this was a small rise from 1,949 in the first half of last year but down year-on-year from 2,226 in the second half of 2019.
Zopa Bank reported to the regulator that it received 176 complaints in the last six months of 2020, 115 of which related to banking and credit cards and 61 on investments, while Funding Circle received 80 complaints.
Overall, the FCA’s complaints data has shown that firms received 2.19 million complaints in the second half of last year, 26 per cent lower than the previous six months (2.96 million complaints) and the lowest level seen since the second half of 2016.
The most complained about products in the second half of 2020 were current accounts, making up 23 per cent of all complaints.
This was followed by payment protection insurance (12 per cent), credit cards (11 per cent), other general insurance products (11 per cent) and motor and transport insurance (nine per cent).
The insurance and pure protection product group saw the largest drop in complaints received by firms, from 1.80 million complaints the first half of last year to 1.02 million in the second half.
In the second half of last year, 2.95 million complaints were opened of which 32 per cent were closed within three days, 63 per cent within eight weeks and 37 per cent after eight weeks.
Read more: How the FCA is tackling consumer investments
1.61 million (55 per cent of complaints closed) were upheld and in total businesses paid out £1.44bn in redress.
This compares to 3.83 million complaints closed in the first half of 2020 with 53 per cent (2.03 million) upheld and £2.23bn paid out in total redress.