Financial complaints have risen by 20% in the last 6 months

Latest data from the Financial Ombudsman (FOS) has shown that financial complaints have risen by 20% according in the last 6 months according to latest half-yearly data figures.

The data from the second half of 2023 showed that overall FOS received a total of 95,349 complaints between 1st July and 31st December 2023, compared to 79,921 complaints in the same period in 2022.  This is an increase of almost 20% on the same period in 2022.

236 businesses feature in the complaints data for the second half of 2023, this is up on the second half of 2022 – when 212 businesses featured.

In the second six months of the year, FOS upheld 36% of complaints in the consumers’ favour, compared to 34% in the second half of 2022.

The data showed that banking and consumer credit-related complaints were the main driver of the rise. Current accounts and credit cards made up over 40% of complaints in the banking and credit sector with current account complaints continue to be dominated by disputes over fraud and scams.

Credit card complaints were driven by perceived unaffordable and irresponsible lending, reflecting the insight shared in March 2024 about credit card complaints hitting an all-time high.

FOS also saw an increase in general insurance cases. Complaints about car or motorcycle insurance saw the sharpest rise, with issues including delays in putting things right when a claim is made, and claims valuations.