But mortgage-related complaints fall
The Financial Ombudsman Service (FOS) has reported a 40% surge in financial complaints in the first half of 2024, with the total rising to 133,019 compared to 93,114 during the same period in 2023.
Complaints related to mortgages and home finance fell, with 3,685 received, compared to 5,002 in 2023.
Banking and credit remained the most complained-about sector, accounting for 101,031 complaints, including issues with credit cards, unaffordable lending, car finance, fraud, and scams. Over half of these complaints were filed by professional representatives, up from a quarter in 2023, when the FOS recorded 56,690 complaints in this category.
The FOS received 22,489 general insurance and pure protection complaints in the first half of 2024, down from 24,496 in the same period in 2023.
There were 3,369 decumulation life and pension complaints, a decline from 4,189 the previous year. Investment-related complaints dropped to 2,305 from 2,593, while funeral planning complaints decreased slightly to 140, compared to 144 in the first half of 2023.
Today, we’ve published data showing the number of complaints we received about financial businesses in the first six months of 2024.
— Financial Ombudsman Service (@financialombuds) October 24, 2024
The full data is available now on our website: https://t.co/qqSDytiCk9 #Complaints #FinancialServices pic.twitter.com/In96GyuoHF
In the first six months of the year, the FOS upheld 35% of complaints in favour of consumers, a slight decrease from 37% during the same period in 2023.
“Businesses should put consumers at the heart of their service, but the high level of complaints we receive shows that’s not always the case,” said Abby Thomas (pictured), FOS chief executive and chief ombudsman, commenting on the new half-yearly complaints data. “It’s vital that businesses are open and transparent with their customers, treating them with fairness and understanding.
Thomas also reminded consumers that the FOS offers a free and accessible route for those who feel mistreated by their financial providers.
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