Scammers and issues with customer service and administration were the most complained problems in 2021/22, according to the Financial Ombudsman Service.
The Fos’s annual complaints data, which ran between April 2021 to March 2022, published today (June 28), found current accounts were the most complained about product with nearly 25,000 new cases.
It found that a substantial proportion of these complaints were from victims of fraud and scams, with most relating to “authorised” fraud, where consumers are tricked into transferring money into accounts that they believe are legitimate.
Complaints about “authorised” fraud increased by more than 20 per cent to 9,370 in 2021/22, compared to 7,770 the previous financial year.
The Fos said it upheld around three quarters of “authorised” scam complaints in the consumers’ favour.
Fos interim chief executive and chief ombudsman Nausicaa Delfas, said: “Over the past year, the Fos continued to help over two hundred thousand customers who had problems with financial businesses on issues across banking, lending, insurance and investments.
“In this period of economic uncertainty it is more important than ever that where problems do arise, they are addressed quickly. We are here to help to resolve financial disputes fairly and impartially.”
Another complained about issue that topped the list was administration and customer service problems, with more than 35,000 complaints against financial businesses being…
