Banking complaints hit a 10-year high
12 July 2024
Complaints about the banking sector are at their highest level in at least a decade.
Welcome to the latest edition of Ombudsman News. In this edition we highlight a recent speech by our Chief Executive and Chief Ombudsman, Abby Thomas, on our role in the consumer protection landscape and our preparation for the Consumer Duty. We also share our latest annual complaints data and insight for 2022/23 – including some detail on complaints involving ‘hybrid scams’.
See our previous editions of Ombudsman News.
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Abby Thomas, our Chief Executive and Chief Ombudsman, recently gave a keynote speech at the Consumer Duty Implementation Summit, organised by City & Financial Global.
Abby spoke about the Financial Ombudsman Service’s role in the consumer protection landscape and discussed how we’re ready to look at complaints involving the Consumer Duty.
Read more about the speech and our preparation for the Consumer Duty.
Our annual complaints data and insight is a review of our work over the past financial year.
It includes the volume of complaints we received and the proportion of complaints we upheld. We also share sector-by-sector insight into trends in complaints.
Our annual complaints data shows the number of fraud and scams cases we received increased by almost a fifth in 2022/23 financial year, compared to the previous year. Over half of these complaints were about authorised push payment (APP) scams.
We’re also seeing an increase in complaints that feature more than one type of scam. ‘Hybrid’ scams are now common in romance scams, purchase scams, and ‘safe account’ scams.
The FCA has recently announced changes to its rulebook to support the implementation of the Government’s Mortgage Charter.
We are able to investigate complaints involving mortgages and financial difficulty and have guidance on our website for both customers and financial businesses about making a complaint and our approach to the complaints we see.
Our latest blog outlines some of the questions insurers ask our Business Support Hub about escape of water claims in unoccupied properties and sets out some key issues to help you determine fair and reasonable outcomes.
12 July 2024
Complaints about the banking sector are at their highest level in at least a decade.
10 August 2023
Welcome to the latest edition of Ombudsman News. In this edition we highlight our recent blog on Section 75 and chargeback complaints, our updated guidance for financial businesses on bank account closures and a reminder of the Consumer Duty. You can also read about the help our Business Support Hub can provide.
14 June 2023
The Financial Ombudsman Service has published its annual complaints data for the 2022/23 financial year (1 April 2022 – 31 March 2023) along with insight into the common problems raised by consumers.