Overall customer complaints to the industry lifted 4.3% to 1.78 million compared to the previous six months, according to the latest data from the Financial Conduct Authority.

However, problems with home finance products fell 10% to 83,936 in the period.

The Financial Ombudsman Service upheld around 57% of complaints, which held steady throughout the year.

Total redress against firms was £236m in the second half of the year, down 3% on the previous six months.

Grievances about banking and credit card services were highest in the sector at 839,526, but this was a 1.3% fall.

Decumulation & pensions was the second most complained about sector with 89,172 complaints, down 4.2%.

Home finance was the third most complained about sector by customers.

Broadstone head of insurance, regulatory & risk Darren Richards says: “Given the immense scrutiny from the Financial Conduct Authority on consumer outcomes and fair treatment, the Regulator will be pleased to see the number of complaints falling across all major product groups.

“While the drop is a small one for now, it nonetheless marks a step in the right direction and suggests that initiatives like Consumer Duty are starting to pay dividends.

“Markets remain volatile and consumer confidence shaky, so financial services firms need to retain a laser focus on ensuring they are looking after the long-term financial interests of their customers throughout their interactions.”