Complaints from present account prospects about scams and claims from bank card holders that lending is unaffordable are among the many most typical points seen by the monetary ombudsman over the previous yr.
Automotive and bike insurance coverage complaints, together with perceptions round delays to payouts, are additionally a theme seen by the service, which resolves stand-offs between customers and monetary corporations.
The Monetary Ombudsman Service (FOS) has revealed probably the most complained-about merchandise within the 2022/23 monetary yr.
Clients of economic corporations can ask the ombudsman to step in if they’ve been unable to return to an settlement.
Between April 2022 and March 2023, the ombudsman obtained 165,149 complaints, barely up from 164,560 complaints in 2021/22.
If customers have issues with their monetary supplier, they’ll come to our service with confidence that we’ll resolve their criticism pretty and impartially
Abby Thomas, FOS
It upheld simply over a 3rd (35%) of the complaints it resolved in customers’ favour, in contrast with 34% within the earlier monetary yr.
Present accounts have been probably the most complained-about product, with greater than 26,000 new instances.
Greater than half of those complaints have been about fraud and scams, and over a 3rd have been about administration/customer support, the ombudsman service mentioned.
Bank cards have been the second most complained-about product, with irresponsible or unaffordable lending being probably the most complained-about situation.
The service additionally mentioned it obtained a rise in complaints about automotive and bike insurance coverage, which have been largely as a consequence of delays to claims being paid out.
There was additionally a soar in complaints about rent buy within the motor sector, which was primarily as a consequence of an increase in complaints about fee, charges and expenses, it mentioned.
Buildings insurance coverage complaints additionally elevated, as a consequence of a rise in disputes about declined claims and delays, in addition to declare values, it mentioned.
Abby Thomas, chief govt and chief ombudsman of the FOS, mentioned: “Over the previous yr, the Monetary Ombudsman Service continued to assist a whole lot of 1000’s of shoppers who had issues with monetary companies on points throughout banking, lending, insurance coverage and investments.
“If customers have issues with their monetary supplier, they’ll come to our service with confidence that we’ll resolve their criticism pretty and impartially.”
Regardless of going through their very own value pressures, our members stay absolutely dedicated to settling all real claims as shortly as potential and to offering distinctive customer support
ABI spokesperson
A spokesperson for the Affiliation of British Insurers (ABI) mentioned: “At a time when family budgets are more and more underneath strain, insurers are doing all they’ll to assist prospects. Within the first quarter of this yr, insurers paid out nearly two-and-a-half billion kilos in motor claims, and nearly three-quarters of a billion kilos in house insurance coverage claims.
“Regardless of going through their very own value pressures, our members stay absolutely dedicated to settling all real claims as shortly as potential and to offering distinctive customer support. When a criticism is made, insurers will at all times goal to take care of them swiftly and can work with the FOS to know the place any learnings will be made.”
Listed below are the highest 5 most complained-about merchandise within the 2022/23 monetary yr, in line with the FOS.
The figures present the variety of complaints obtained, with the uphold charge for the complaints that have been handled in 2022/23 in brackets:
1. Present accounts, 26,039 (40%)
2. Bank cards, 14,504 (34%)
3. Automotive/bike insurance coverage, 11,851 (30%)
4. Rent buy (motor), 11,446 (38%)
5. Buildings insurance coverage, 6,497 (33%)
