We show below how the new cases we received during the financial year 2004/05 were spread across the different sectors of the financial services industry.
firms complained about by sector
| firms complained about by sector |
% |
|---|---|
| life insurance and investment product providers | 42% |
| banks | 31% |
| independent financial advisers (IFAs) | 13% |
| general insurers | 6.5% |
| building societies | 4% |
mortgage and general insurance intermediaries |
2% |
stockbrokers |
0.5% |
other (including fund managers and friendly societies) |
1% |
| % | |
|---|---|
mortgage endowments |
73% |
other investments |
15% |
personal pensions |
7% |
insurance products |
4% |
other |
1% |
| % | |
|---|---|
mortgage endowments |
65% |
banking products |
26% |
other investments |
5% |
insurance products |
2% |
pensions and securities |
2% |
| % | |
|---|---|
mortgage endowments |
65% |
other investments |
22% |
pensions |
8% |
securities |
4% |
other |
1% |
financial products most frequently complained about by sector
The following charts show how cases involving the products most frequently complained about to the ombudsman service were spread across the different sectors of the financial services industry.
complaints about mortgage endowments
| life insurance and investment product providers | 49% |
banks |
32% |
independent financial advisers (IFAs) |
13% |
building societies |
5% |
other |
1% |
complaints about personal pension products
life insurance and investment product providers |
67% |
independent financial advisers (IFAs) |
24% |
banks |
6% |
other (including building societies and stockbrokers) |
3% |
complaints about other investment products
life insurance and investment product providers |
54% |
independent financial advisers (IFAs) |
25% |
banks |
15% |
other (including building societies and stockbrokers) |
6% |
complaints about banking products
banks |
86% |
building societies |
7% |
life insurance and investment product providers |
2% |
| mortgage and insurance brokers | 2% |
other |
3% |
complaints about general insurance products
general insurers |
60% |
life insurance and investment product providers |
16% |
mortgage and insurance brokers |
12% |
| banks | 5% |
cash-plan health insurers |
2% |
| Society of Lloyd's | 1.5% |
| other | 3.5% |
how often do financial firms have complaints about them referred to the ombudsman service?
The table below shows that 85% of the firms covered by the ombudsman service as at 31 March 2005 had no complaints about them referred to us during the year. 2,254 firms - fewer than one in ten of all firms we cover - had just one or two complaints referred to us in the year. We do not charge firms case fees for the first two complaints each year. So this means that only 5% of firms covered by the ombudsman service paid case fees in the financial year 2004/05.
Ten of the UK's largest financial services providers accounted for 55% of the total number of complaints we received during the year. At the other end of the scale, just four complaints were referred to us about credit unions.
21,020 firms (85% of all firms covered by the ombudsman service*) had no complaint referred to the ombudsman during the year
1,629 firms (7% of all firms we cover) each had 1 complaint referred to the ombudsman during the year
625 firms (2.5% of all firms we cover) each had 2 complaints to the ombudsman
310 firms (1.3% of all firms) each had 3 complaints to the ombudsman
578 firms (2.3% of all firms) each had between 4 and 10 complaints to the ombudsman
163 firms (0.7% of all firms) each had between 11 and 20 complaints to the ombudsman
131 firms (0.5% of all firms) each had between 21 and 50 complaints to the ombudsman
47 firms (0.2% of all firms) each had between 51 and 100 complaints to the ombudsman
49 firms (0.2% of all firms) each had between 101 and 250 complaints to the ombudsman
22 firms (0.1% of all firms) each had between 251 and 500 complaints to the ombudsman
40 firms (0.2% of all firms) each had more than 500 complaints referred to the ombudsman during the year
*as at 31 March 2005
