New data reveals 70% jump in financial complaints
29 August 2024
Complaints about financial products have increased by 70% in the past 12 months when compared to the equivalent figure from last year.
Welcome to the latest edition of Ombudsman News. In this edition, we highlight our recently published complaints data, which includes complaints data about financial products and services and about individual businesses. We also share our new online guidance for consumers and businesses about unregulated collective investment schemes (UCIS).
See our previous editions of Ombudsman News.
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Our complaints data on financial products and services- April to June 2022
Our latest quarterly complaints data on financial products and services is now available on our website. Between April and June 2022, we received 35,029 new complaints.
Our complaints data includes the number of enquiries and new cases we received, and the proportion of complaints resolved in favour of customers. As well as information about the most complained-about products and trends for the quarter.
Unregulated Collective Investment Schemes (UCIS) – our approach to the complaints we see
In our latest quarterly data, we highlighted complaints we are seeing about unregulated collective investment schemes (UCIS) and other non-mainstream investments. A UCIS is a high-risk and speculative investment where investors pool money which is collectively used to buy assets such as property or holiday resorts.
Our newly published guidance for consumers and for financial businesses provides information about how we resolve complaints about this and shares case studies that illustrate our approach.
Complaints about individual businesses January to June 2022
We also recently published our half-yearly figures showing the number of complaints received about individual financial businesses and the uphold rates.
Complaints about claims management companies
Our complaints data about claims management companies (CMCs) shows the volume of complaints we received and resolved about CMCs, and the proportion of complaints upheld in the consumers’ favour.
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