Which? responds to increase in complaints made to Financial Ombudsman Service

Rocio Concha, Which? Director of Policy and Advocacy, said: 

"It is very concerning to see the Ombudsman dealing with such a significant increase in complaints - especially at a time when consumers are battling the worst cost of living crisis in decades.

"These latest figures won't dispel the perception that parts of the insurance market aren't providing value for money for consumers, and it is particularly alarming to see a notable increase in the average number of complaints upheld in favour of the customer by the Ombudsman. While the Financial Conduct Authority's new Consumer Duty has increased the spotlight on firms' customer service, the insurance sector was already subject to high regulatory standards - and the FCA must be ready to take tough action against businesses that fall short. 

"A significant increase in the number of complaints made about fraud is troubling and this process can exacerbate the already traumatic experience of being scammed for victims. It is clear that fraud victims need a reimbursement system that is fairer and more consistent than the one they are currently subject to - and these figures underline why there must be no watering down of mandatory reimbursement rules from the Payment Systems Regulator."

-ENDS-