Complaints received by the Financial Ombudsman Service rose by 20 per cent in the second half of 2023.
In its latest data, the Fos revealed it had received 95,349 complaints between July 1 and December 31 2023, compared to 79,921 complaints for the same period in 2022.
More specifically, the service received 3,996 new decumulation life and pension complaints in H2 2023, compared to 3,842 in H2 2022.
As well as receiving 2,311 new complaints about investments in H2 2023, compared to 2,427 in H2 2022.
Banking and credit complaints were the main driver of the rise in complaints with current accounts and credit cards making up more than 40 per cent of Fos cases within this sector.
Current account complaints continue to be dominated by disputes over fraud and scams, according to the Fos.
The data also showed the service saw an increase in complaints relating to general insurance and pure protection, receiving 22,845 new complaints in H2 2023, compared to 19,346 in H2 2022.
While also receiving 3,877 new mortgages and home finance complaints in H2 2023, compared to 4,160 in H2 2022.
Abby Thomas, chief executive of Fos, said: “In light of the continuing economic challenges people face, it’s always concerning to see complaint levels continue to rise.
“People’s relationships with their banks and insurers are incredibly important, with many relying on these businesses for their homes, their cars and their livelihoods. That’s why I’m determined to ensure firms create an environment which is fair and transparent for all consumers.
“If customers don’t feel they’ve been treated fairly, they can come to our free and independent service, and we’ll investigate their complaint.”
According to Fos, in the last six months of 2023 the service upheld 36 per cent of complaints in the consumers’ favour, compared to 34 per cent in the same period in 2022.
alina.khan@ft.com
