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Financials
The Financial Services and Pensions Ombudsman (FSPO) has released its latest report for 2024, highlighting a notable surge in complaints related to banking and insurance sectors. This article delves into the details of these complaints, exploring trends, and offering insights into how consumers can navigate these issues.
In 2024, the FSPO received a total of 6,185 complaints, marking the second consecutive year the number has exceeded 6,000[1]. The banking sector dominated these complaints, accounting for 55% with 3,404 cases. Despite this being a 12% decline from the previous year, banking complaints remain a significant portion of all submissions[1].
A major factor contributing to the high number of banking complaints was disputed transactions. Complaints categorized under this heading increased by 12% from 2023, reaching 1,015 cases. These include issues such as fraudulent transactions, failure to provide accurate account information, and unauthorised withdrawals[1].
Insurance complaints saw a substantial 26% increase, totaling 1,818 cases. The main drivers behind these complaints were issues with customer service and responsiveness. Specifically, motor insurance complaints accounted for 41% of all insurance-related complaints, while private health insurance made up 14%[1].
In addition to banking and insurance, the FSPO also received complaints about investments (411) and pension schemes (348). The FSPO continues to play a crucial role in addressing consumer grievances by providing effective dispute resolution services[1].
In 2024, the FSPO successfully closed 5,907 complaints, which is a 14% increase from 2023. The average time to resolve these complaints was 8.4 months, with 86% resolved within a year. The FSPO's efforts resulted in financial benefits of over €5.7 million for consumers, highlighting its effectiveness in resolving disputes[1].
Consumers seeking redress for financial services issues should follow these steps:
The FSPO's role in addressing financial services complaints continues to grow, reflecting an expanding need for consumer protection. Providers are encouraged to reflect on complaint trends and implement changes to reduce dissatisfaction. As financial markets evolve, understanding these trends will be crucial for both consumers and providers.
