The Monetary Ombudsman Service obtained a complete of 95,349 complaints between 1 July and 31 December 2023 in comparison with 79,921 complaints in the identical interval in 2022.
Regardless of the general soar in complaints, the variety of decumulation life and pension complaints rose by a extra modest 4% within the second half of 2023.
There have been 3,996 new decumulation life and pension complaints in H2 2023, in comparison with 3,842 in H2 2022.
The 20% rise in monetary complaints was primarily pushed by banking and credit score complaints, with present accounts and bank cards making up 40% of the Ombudsman’s circumstances on this sector.
New funding complaints fell barely to 2,311 in H2 2023, in comparison with 2,427 in H2 2022.
The Ombudsman additionally noticed a rise usually insurance coverage complaints.
General, within the final six months of 2023 the FOS upheld 36% of complaints in shoppers’ favour, in comparison with 34% within the second half of 2022.
Nonetheless, this was a lot larger for decumulation life and pensions which had a median proportion of circumstances upheld of 51%. For investments a median of 36% of complaints have been upheld.
Abby Thomas, chief government and chief ombudsman on the Monetary Ombudsman Service, mentioned: “In gentle of the persevering with financial challenges individuals face, it’s at all times regarding to see criticism ranges proceed to rise.
“Individuals’s relationships with their banks and insurers are extremely essential, with many counting on these companies for his or her properties, their automobiles and their livelihoods. That’s why I’m decided to make sure corporations create an setting which is truthful and clear for all shoppers.”
Among the many monetary recommendation and wealth administration corporations with new complaints lodged with the FOS in the course of the second half of 2023 was Hargreaves Lansdown with 92 new complaints. Of those 61 have been associated to investments and 28 associated to decumulation life and pensions. Nonetheless, solely 14% of circumstances resolved in the course of the interval have been upheld.
Wealth supervisor St James’s Place noticed 250 new complaints over the half 12 months with the bulk associated to investments (93) or decumulation life and pensions (145). The agency’s uphold charge was 38%.
Openwork Restricted noticed 43 new complaints. Of those 14 have been associated to mortgages and residential finance, 7 have been associated to common insurance coverage and safety, 6 have been associated to investments and 16 associated to decumulation life and pensions. Of the circumstances resolved in the course of the interval 33% have been upheld.
Monetary Planner and wealth supervisor Quilter noticed 34 new complaints. Of those 12 have been associated to investments and 19 have been associated to decumulation life and pensions. Quilter’s uphold charge was 55%.
True Potential Wealth Administration noticed 38 new complaints with 7 associated to investments and 30 associated to decumulation life and pensions. Its uphold charge was 70%.
Interactive Investor noticed 53 new complaints, with 39 associated to investments and 39 associated to decumulation life and pensions.
There have been 42 new complaints towards Constancy Worldwide’s retail funding platform subsidiary Monetary Administration Providers Ltd in the course of the second half of 2023, with 36 complaints referring to investments and 4 referring to decumulation life and pensions.
