| Link(s): | Quarterly complaints data: Q3 2024/25 – Financial Ombudsman service Financial Ombudsman Service receives 40% more cases when compared to the same time last year – Financial Ombudsman service |
Context
FOS has published its Q3 2024/25 complaints data (October to December 2024) alongside commentary outlining that it continues to receive high levels of complaints from consumers and small businesses. ‘Car and motorcycle’ remains one of the top five most complained about product types.
Key points to note and next actions
- More than 68,000 complaints received in the three-month period – a 40% increase compared to the same period in the previous business year.
- Complaints about current accounts and credit cards continue to be at a high level.
- The most complained about product this quarter was hire purchase (motor) which has risen due to complaints about motor finance commission arrangements, following Court of Appeal judgments against some lenders.
- The overall uphold rate (in favour of the customer) in the quarter was 34%.
The FOS received 68,430 complaints between October and December 2024. This is a slight decrease on the 73,692 complaints reported in the second quarter of this financial year, but complaint volumes are still significantly higher in the current financial year than in 2023/24.
High levels of cases, particularly around mass redress issues such as motor finance commission arrangements, is one of the reasons the FOS recently conducted a joint Call for Input with the Financial Conduct Authority (FCA) – seeking ways to modernise the redress framework to ensure it is fit for the future.