UK FX&CFDs Firms Receive 1,153 Complaints in H1 2024

The UK's Financial Conduct Authority (FCA) has published data on complaints against regulated FX and CFD firms in the first half of this year.

Between January and June this year, UK FX and CFD firms received 1,153 complaints, a decrease of 149 compared to the previous period and 37 compared to the same period last year.

The FCA publishes complaints data on a six-monthly basis. The regulator requires firms that receive more than 500 complaints in a six-month period and more than 1,000 complaints in a year to provide data to the FCA. These complaints make up 98% of the total.

Companies that did not reach the threshold submit less detailed reports to the FCA.

In the first half of this year, about 290 firms provided complaint-related submissions to the FCA, and in addition to large banks such as Citibank and HSBC, Interactive Brokers (U.K.) Limited also submitted reports on complaints to the regulator.

Overall, FCA-regulated financial services firms received 1.86 million complaints in the first half of 2024, down 4% from the second half of last year. Most complaints were dealt with within two months and 43.36% were closed within three days.