The UK’s financial watchdog has revealed that 7.4 million consumers unsuccessfully tried to contact one or more of their financial services providers in the 12 months before May 2022.

The Financial Conduct Authority (FCA) warned that the most vulnerable in society are more likely to struggle when trying to contact their bank or another provider.

It said that the figures, which come from its latest Financial Lives survey of more than 19,000 people, highlight the importance of its upcoming Consumer Duty.

The new rules, which come into force on Monday, stipulate that consumers should receive communications they can understand, products and services that meet their needs and offer fair value, and get the customer support they need, when they need it.

According to the regulator’s research, less than half of UK adults – or 21.9 million people – said they have confidence in the UK financial services industry.

Only 36 per cent of respondents believe that most financial firms are honest and transparent in the way they treat them.

However, the FCA said a “more positive picture emerged” when people were asked to rate their own provider rather than the sector in general.

“Times like this show why it’s important people get the support they need as more people are likely turning to their financial services providers for help,” said Sheldon Mills, executive director, consumers and competition. “Our Consumer Duty will guide our ongoing work to improve the way firms provide customer support - getting through to your provider is the starting point for receiving help, so we will be working with them to improve in this area.”

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