Analysis by Huntswood, a subsidiary of ResultCX, found the average number of complaints handled over six months was 15,360 for organisations operating in the banking and credit card sector.

The firm analysed the most recent FCA opened complaints data to reveal that the total complaints on average received for organisations operating in the decumulation and pensions, home finance, insurance and pure protection and investments sectors was 2,540 in the period.

Insurance and pure protection generated the highest number of complaints among the remaining sectors, averaging 4,058 over the six-month period. Decumulation and pensions followed with 1,487, narrowly ahead of home finance on 1,331. Investments recorded the fewest complaints, averaging 655.

FCA data shows more than 1.74 million complaints were opened by financial services companies in the most recent six months report.

James Tattersall, senior director, advisory at Huntswood said: “Data shows that for the past five years complaints received by financial services companies have remained at between 1.7 million and two million every six month period. Firms across all sectors need solutions and strategies which can help address the ongoing challenges.

Siddharth Parashar, managing director, UK & Europe, at Huntswood, added: “Financial services companies are facing increasing regulatory scrutiny and pressure to resolve complaints. Inevitably despite their best efforts and commitment to best practice they will receive complaints as demonstrated by our analysis.”