The number of financial complaints received by the Financial Ombudsman Service increased by 40 per cent in the first half of the year.
The organisation reported around 133,000 complaints over the six-month-period compared to the 93,000 recorded in the 2023.
According to the Service, banking and credit continues to be the most complained about financial services and was the only sector that saw a year-on-year increase in complaints.
During the period, consumers lodged just over 101,000 banking and credit complaints, including disputes about credit cards and unaffordable lending, car finance, fraud, and scams.
More than half of all banking and credit complaints were brought by professional representatives.
By comparison, from January to June 2023, the Financial Ombudsman reported that people submitted 56,690 complaints to the Ombudsman, of which just a quarter were brought by professional representatives.
As part of the newly published data set, the Financial Ombudsman has highlighted which firms are receiving the most complaints across sectors including banking, insurance, investments, and credit. The data shows that uphold rates vary per firm with some having higher numbers of cases being found in favour of consumers.
Commenting on the new figures, Abby Thomas, Chief Executive and Chief Ombudsman at the Financial Ombudsman Service, said:
“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, chief executive and chief ombudsman, Financial Ombudsman Service.“It’s vital that businesses are open and transparent with their customers, treating them with fairness and understanding.
“Whilst professional representatives have an important role to play, they must ensure that their cases are well evidenced and have merit."
In the first six months of 2024 the Financial Ombudsman Service upheld 35 per cent of complaints in the consumers’ favour, compared to 37 per cent in the first half of 2023.
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