Financial complaints rise by 20%

Financial complaints received in the second half of 2023 rose by a fifth

The Financial Ombudsman Service published figures today (01/05/24) revealing the number of financial complaints received in the second half of 2023 rose by a fifth.

Headline financial complaint figures

“In the last six months of 2023 the Financial Ombudsman Service upheld 36% of complaints in the consumers’ favour, compared to 34% in the second half of 2022.

The headline figures are:

62,139 new banking and credit complaints in H2 2023, compared to 50,346 in H2 2022
22,845 new general insurance/pure protection complaints in H2 2023, compared to 19,346 in H2 2022
3,877 new mortgages and home finance complaints in H2 2023, compared to 4,160 in H2 2022
3,996 new decumulation life and pension complaints in H2 2023, compared to 3,842 in H2 2022
2,311 new complaints about investments in H2 2023, compared to 2,427 in H2 2022
181 new complaints about funeral planning in H2 2023 (H2 2022 data unavailable).”

These figures were based on a total of 95,349 complaints between 1st July and 31st December 2023 compared to 79,921 complaints in the same period in 2022.

Biggest financial complaints

Banking and credit complaints were the main driver of the rise. Current accounts and credit cards made up over 40% of the Ombudsman’s cases within this sector. Current account complaints continue to be dominated by disputes over fraud and scams.

Credit card complaints are at an all-time high. There were 5,660 complaints in the last three months of 2023. This was driven by an increase in perceived unaffordable and irresponsible lending by financial firms.

General insurance cases. Car and motorcycle insurance complaints rose the sharpest. This was partly due to continued delays in firms being able to put things right when a claim is made, as well as insurer’s valuation of a vehicle. See What you need to know about vehicle insurance to help here if you have an issue.

Interestingly the FOS is seeing in favour of the consumer in more cases. In the last six months of 2023 the FOS upheld 36% of complaints in the consumers’ favour, compared to 34% in the second half of 2022.

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Further help with complaining for consumers

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How to complain about financial institutions various posts to help with a number of financial problems

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If you need more help, information and tips with how to quote Acts, template letters and advice on how to complain effectively don’t forget the GET THE BOOK! How To Complain: The ESSENTIAL Consumer Guide to Getting REFUNDS, Redress and RESULTS!

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