Context
FOS has published the data for financial complaints it has received in the second half of 2023.
Key points to note and next actions
The FOS data shows the number of financial complaints received in the second half of 2023 had risen by a fifth. Between 1st July and 31st December 2023 the FOS received a total of 95,349 complaints, compared to 79,921 complaints in the same period in 2022.
Among this data there was an increase in general insurance cases, with 22,845 new general insurance/pure protection complaints being received by FOS in H2 2023, compared to 19,346 in H2 2022.
Of the increase in general insurance cases, car or motorcycle insurance complaints rose the sharpest. This increase in car and motorcycle insurance complaints is partly due to continued delays in firms being able to put things right when a claim is made, as well as insurer’s valuation of a vehicle.
In the last six months of 2023, FOS upheld 36% of complaints in the consumers’ favour, compared to 34% in the second half of 2022.