Context
FOS has published its annual complaints data from April 2022 / March 2023 along with insight into the common problems raised by consumers. These new figures show that current accounts, credit cards, car/motorcycle insurance, hire purchase (motor) and buildings insurance were the top five most complained about products in the 2022/23 financial year.
Key points to note
Analysis of the figures published highlights the following trends:
- Over 26,000 new cases complained about current accounts.
- Credit cards were the second most complained about product.
- FOS received 27% more complaints about car/motorcycle insurance, and this was largely due to insurers delaying paying out claims.
- There was an 87% increase in complaints about hire purchase (motor), mainly due to a rise in complaints about commission, fees and charges.
- Buildings insurance complaints increased by over a quarter, due to an increase in disputes about declined claims and delays, as well as claim values.
Next actions
None – for information and awareness.