Financial Ombudsman reports 40% surge in complaints in 2024

The Financial Ombudsman Service has revealed a significant 40% year-on-year increase in consumer complaints during the first half of 2024, with a total of 133,019 complaints lodged before July, up from 93,114 in the same period in 2023.

Banking and credit were the most complained-about areas with 101,031 complaints, a jump from 56,690 in 2023. Disputes about credit cards, unaffordable lending, car finance as well as fraud and scams were the main drivers for complaints.

Over half of these complaints were submitted by professional representatives, compared to just a quarter the previous year. The Financial Ombudsman Service ruled in favour of consumers in 35% of complaints in the first half of 2024, down slightly from 37% in 2023.

Abby Thomas, chief executive and chief ombudsman at the Financial Ombudsman Service, 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," she said adding,“Whilst professional representatives have an important role to play, they must ensure that their cases are well evidenced and have merit."

Below: A selection of FoS data on the banking and credit sector