‘Ghost brokers’ haunting the insurance market
29 October 2024
This Halloween beware of ‘ghost broker’ deals that are too good to be true or risk being scammed by fraudsters.
Welcome to the latest edition of Ombudsman News. In this edition, we look at our latest data, which covers the complaints we received about financial products and services between April and June 2024.
See our previous editions of Ombudsman News.
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Our quarterly complaints data shows a 70% rise in complaints compared to the same period reported last year. Between April and June 2024, we received 74,645 new complaints. In the first quarter of the last financial year, that figure was 43,953.
You’ll find the full data – including the number of new complaints we’ve received, and the proportion of complaints we’ve upheld – on our website.
The continued rise of fraud and scams pushed these complaints to record levels in the first quarter of this financial year – with more than 8,700 cases. Over half of these complaints were about customers approving online bank transfers – also known as authorised push payment (APP) scams.
Storm and flood damage – along with the costs of building materials – were just some of the issues that contributed to the rise in complaints about buildings insurance between April and June 2024.
Overall, we received 2,001 new cases – many of which were about customers’ claims being delayed, declined or undervalued.
29 October 2024
This Halloween beware of ‘ghost broker’ deals that are too good to be true or risk being scammed by fraudsters.
4 September 2024
Fraud and scam complaints are at their highest ever quarterly level, data released by us revealed today.
29 August 2024
Unhappy homeowners and businesses brought 2,001 buildings insurance complaints to us within the first quarter of this financial year – the highest number of complaints within a three-month period.