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Financial Ombudsman Service reveals top five most complained about products
Press release : Category Annual data : Category Complaints data : Category
New figures show that current accounts, credit cards, car/motorcycle insurance, hire purchase (motor) and buildings insurance were the top five most complained about products in the 2022/23 financial year.
The Financial Ombudsman Service has today 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.
In the last financial year, the Financial Ombudsman received 165,149 complaints compared to 164,560 complaints in 2021/22. It upheld 35% of the complaints it resolved, compared to 34% in the previous financial year.
Below are the top five most complained about products, with the uphold rate in brackets.
| 2022/23 | 2021/22 | |
|---|---|---|
| Current accounts | 26,039 (40%) | 24,335 (51%) |
| Credit cards | 14,504 (34%) | 14,584 (37%) |
| Car/motorcycle insurance | 11,851 (30%) | 9,310 (28%) |
| Hire purchase (motor) | 11,446 (38%) | 6,128 (45%) |
| Buildings insurance | 6,497 (33%) | 5,101 (33%) |
Abby Thomas, Chief Executive and Chief Ombudsman of the Financial Ombudsman Service, said:
Over the past year, the Financial Ombudsman Service continued to help hundreds of thousands of customers who had problems with financial businesses on issues across banking, lending, insurance and investments.
If consumers have problems with their financial provider, they can come to our service with confidence that we’ll resolve their complaint fairly and impartially.
Analysis of the figures published today highlights the following trends:
- Current accounts were the most complained about product, with over 26,000 new cases. Over half of these complaints were about fraud and scams, and over a third were about administration/customer service.
- Credit cards were the second most complained about product, with irresponsible/unaffordable lending being the most complained about issue.
- The Financial Ombudsman Service received 27% more complaints about car/motorcycle insurance and this was largely due to insurers delaying paying out on claims.
- There was an 87% increase in complaints about hire purchase (motor), which was mainly due to a rise in complaints about commission, fees and charges.
- Buildings insurance complaints increased by over a quarter, due to an increase in disputes about declined claims and delays as well as claim values.
Overall, in the main financial product areas, we received:
- 61,995 about banking and payments
- 39,607 about consumer credit
- 8,421 about mortgages
- 39,730 about insurance
- 7,953 about investments
- 6,043 about pensions
We've also published
Notes to editors
About the data
All the data referenced in the press release excludes complaints data against claims management companies.
About the Financial Ombudsman Service
The Financial Ombudsman Service was set up by Parliament to resolve individual complaints between financial businesses and their customers on a fair and reasonable basis, as an alternative to the courts. It can look into problems involving most types of money matters. It is committed to sharing insight and experience to encourage fairness and confidence in financial services.
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