The Financial Ombudsman Service’s uphold rate has remained steady at 35% despite a rise in new enquiries and complaints about financial products.
Between October and December 2022, the Ombudsman received 68,342 new enquiries and 41,303 new complaints about financial products.
On average it upheld 35% of the complaints resolved in this quarter.
The most complained-about product was current accounts, followed by credit cards.
Between July and September 2022, the Ombudsman received 67,694 new enquiries and 38,470 new complaints about financial products. On average it upheld 34% of the complaints.
The product with the highest uphold rate was mini bonds, with all 125 cases referred for an Ombudsman’s decision being upheld.
A total of 78 new enquiries were made about mixed investment portfolio advisory services, with 88 new cases, and 32 cases referred for an ombudsman’s decision. Of these cases referred for a decision, 33% of complaints were upheld.
This compares with just 37 new enquiries about mixed investment portfolio advisory services in the previous quarter. Between July and September 2022, 26 complaints were referred for a decision in, 30% of which were upheld.
DB transfers continue to be a complained about area, with 61 enquiries registered with the ombudsman this quarter. There were 78 new DB transfer cases registered with the ombudsman. A total of 83 DB transfer cases were referred for an ombudsman’s decision, of which 65% were upheld.
However, this was a large drop from the 141 new enquiries made to the ombudsman in the previous quarter. Between July and September 2022 95 cases were referred for a decision with a 68% uphold rate.
In December The Financial Ombudsman Service said it will freeze its fees for 2023/24 at 2022/23 levels due to the economic pressures facing firms.
It expects to receive 183,000 complaints in 2023/24.
