H1 data : Category Press release : Category Data and Insight : Category
The number of financial complaints we received in the first half of 2024 rose by over 40%.
Overall, we received a total of 133,019 complaints between 1 January and 30 June 2024 compared to 93,114 complaints in the same period in 2023.
Banking and credit continues to be the most complained about sector and is the only sector that saw a year-on-year increase in complaints.
In the first six months of 2024, consumers lodged 101,031 banking and credit complaints, including disputes about credit cards and unaffordable lending, car finance woes as well as fraud and scams. Over half of all banking and credit complaints were brought by professional representatives.
By comparison, from January to June 2023, we previously reported that people submitted 56,690 complaints, of which just a quarter were brought by professional representatives.
As part of the newly published data set, we’ve highlighted which firms are receiving the most complaints across sectors including banking, insurance, investments, and credit. The data shows that uphold rates vary per firm with some having higher numbers of cases being found in favour of consumers.
Commenting on the new figures, Abby Thomas, Chief Executive and Chief Ombudsman, said:
Businesses should put consumers at the heart of their service but the high level of complaints we receive shows that’s not always the case.
It’s vital that businesses are open and transparent with their customers, treating them with fairness and understanding.
Whilst professional representatives have an important role to play, they must ensure that their cases are well evidenced and have merit.
If people don’t feel they’ve been treated fairly by their financial provider, they can come directly to our service and we’ll see if we can help. Getting a fair answer is free and easy.”
In the first six months of 2024 we upheld 35% of complaints in the consumers’ favour, compared to 37% in the first half of 2023.
The headline figures are:
Read the full H1 2024 complaints data.
References to H1 2024 in this notice relates to 1 January to 30 June 2024.
References to H1 2023 in this notice relates to 1 January to 30 June 2023.
16 December 2024
The Financial Ombudsman Service for small businesses has received more than 4,800 new cases from businesses so far this financial year, new figures have revealed.
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The Financial Ombudsman Service will keep costs lower for businesses and further improve its value for money as it faces continued high demand in the year ahead, according to proposals published today.
4 December 2024
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