Banking and credit financial complaints skyrocket in 2024 FOS reports

Editorial

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This 12 months they acquired 133,019 monetary complaints in comparison with 93,114 in 2023.

Nearly all of the complaints had been associated to banking and credit score, with 101,031 complaints lodged in 2024, while solely 56,690 had been filed in 2023. As well as, in 2024 greater than half of the banking and credit-related complaints had been introduced by skilled representatives, as in comparison with solely 1 / 4 a 12 months earlier than.

The analysis indicated that bank cards and unaffordable lending, automobile finance, and fraud and scams had been the principle causes for the rise in banking and credit score complaints.

The report revealed that whereas banking and credit score complaints practically doubled, complaints about common insurance coverage/pure safety, mortgages and residential finance, decumulation life and pension, investments, and funeral planning decreased barely in 2024 in comparison with the 12 months prior.

Abby Thomas, chief government and chief ombudsman, commented: “Companies ought to put customers on the coronary heart of their service however the excessive degree of complaints we obtain exhibits that’s not all the time the case. It’s important that companies are open and clear with their clients, treating them with equity and understanding.

“While skilled representatives have an vital function to play, they have to be sure that their circumstances are nicely evidenced and have advantage. If folks don’t really feel they’ve been handled pretty by their monetary supplier, they will come on to our service and we’ll see if we may also help. Getting a good reply is free and straightforward.”