Context
FOS has published its Q1 2022/23 complaints data (so April to June 2022) and has highlighted again an increase in investment scams. FOS publishes complaints data on financial products every quarter, which includes the number of enquiries and new cases it receives, and the proportion of cases resolved in favour of customers.
Key points to note
- Between April and June 2022, FOS received 65,740 new enquiries and 35,029 new complaints about financial products. On average it upheld 34% of these complaints.
- The most complained-about product was current accounts, followed by credit cards.
- Car or Motorcycle insurance was the third most complained about product group (2,524 – down from 2,623 in the previous quarter), with Buildings insurance being fifth in the list (1,642 – up from 1,421)
- The uphold rate for car/motorcycle complaints was 29% on cases resolved in the latest quarter while for buildings insurance it was 31%.
Next actions
None – for information and awareness.