The Financial Ombudsman Service (FOS) reported a 40% increase in complaints during the first half of 2024 compared to the same period in 2023. This year, the agency received 133,019 financial complaints, up from 93,114 in the previous year.
A significant portion of these complaints—101,031 in 2024—pertained to banking and credit, which saw a sharp rise from the 56,690 complaints filed in 2023. Notably, more than half of the complaints related to banking and credit were initiated by professional representatives in 2024, a marked increase from only a quarter of such cases in the previous year.
The research identified credit cards, unaffordable lending, car finance, and issues related to fraud and scams as the primary drivers behind the uptick in banking and credit complaints. Conversely, complaints regarding general insurance, mortgages, home finance, life and pension decumulation, investments, and funeral planning saw a slight decline in 2024 compared to the prior year.
Abby Thomas, chief executive and chief ombudsman, commented: “Businesses should put consumers at the heart of their service, but the high levels of complaints we receive indicate that this is often not the case. It’s essential for businesses to be open and transparent with their customers, treating them with fairness and understanding.”
She added, “While professional representatives have an important role, they must ensure their cases are well-supported and merit-based. If individuals feel they have not been treated fairly by their financial provider, they can approach our service directly, and we will determine if we can assist. Obtaining a fair resolution is both free and straightforward.”