The Monetary Ombudsman Service acquired 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 leap 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 basically insurance coverage complaints.
Total, 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 increased for decumulation life and pensions which had a median share of circumstances upheld of 51%. For investments a median of 36% of complaints had been upheld.
Abby Thomas, chief govt and chief ombudsman on the Monetary Ombudsman Service, mentioned: “In gentle of the persevering with financial challenges folks face, it’s at all times regarding to see grievance ranges proceed to rise.
“Folks’s relationships with their banks and insurers are extremely necessary, with many counting on these companies for his or her houses, their automobiles and their livelihoods. That’s why I’m decided to make sure companies create an surroundings which is truthful and clear for all shoppers.”
Among the many monetary recommendation and wealth administration firms with new complaints lodged with the FOS through the second half of 2023 was Hargreaves Lansdown with 92 new complaints. Of those 61 had been associated to investments and 28 associated to decumulation life and pensions. Nonetheless, solely 14% of circumstances resolved through the interval had 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 price was 38%.
Openwork Restricted noticed 43 new complaints. Of those 14 had been associated to mortgages and residential finance, 7 had been associated to common insurance coverage and safety, 6 had been associated to investments and 16 associated to decumulation life and pensions. Of the circumstances resolved through the interval 33% had been upheld.
Monetary Planner and wealth supervisor Quilter noticed 34 new complaints. Of those 12 had been associated to investments and 19 had been associated to decumulation life and pensions. Quilter’s uphold price 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 price 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 in opposition to Constancy Worldwide’s retail funding platform subsidiary Monetary Administration Companies Ltd through the second half of 2023, with 36 complaints regarding investments and 4 regarding decumulation life and pensions.
