Just over half (3,404) of the 6,185 complaints made to the Financial Services and Pensions Ombudsman (FSPO) last year were about banking, with customer service and disputed transactions the main reasons for such complaints.
Despite this, the 2024 FSPO Complaints Overview says the number of banking complaints was down by 12% on the previous year.
Complaints relating to insurance products rose by more than a quarter (26%) to 1,818 between 2023 and 2024, with the most common complaints about the sector concerning motor and private health insurance.
There were 411 investment complaints last year, representing an 11% year-on-year decrease.
6% of complaints (348) received related to pension schemes, with maladministration accounting for well over half of these complaints.
5,907 complaints closed during 2024, which was an increase of 14% on 2023.
According to the complaints report, over €4.2 million was agreed in mediated settlements during the year through the FSPO’s Dispute Resolution Service.
In addition, €1 million was offered in settlements with complainants during investigations, €308,750 was directed as compensation by the Ombudsman in legally binding decisions, and €152,273 was offered in redress.
Financial Services and Pensions Ombudsman Liam Sloyan said: “It is clear from the complaints received in 2024 that some providers have been very successful in reducing the number of complaints received by the FSPO in relation to their services.
“This shows that positive changes that avoid complaints arising or that resolve complaints internally can bring about change that benefits consumers.
“Those providers who have not succeeded in reducing the number of complaints being submitted to this office should take note of the changes and improvements successfully implemented by providers in their sector and consider what they can do to achieve similar results.”
The FSPO initially deals with complaints informally, but when early intervention doesn’t resolve the dispute, the FSPO investigates and issues a decision that is legally binding on both parties (subject to appeal).
The Ombudsman can direct a financial service provider to pay compensation of up to €500,000 to a complainant and/or to rectify the conduct that is the subject of the complaint, with no limit on the value of the rectification.
