Financial Services and Pensions Ombudsman Overview of 2022 Complaints

Tue Mar 28 2023

The Financial Services and Pensions Ombudsman published an Overview of Complaints for 2022 on Friday the 24th of March, detailing the activities of the Office of the Financial Services and Pensions Ombudsman (FSPO) in 2022.

Key statistics in the Overview include:

  • 4,781 complaints were received in 2022, a slight increase of 123 complaints received in 2021. 4,647 complaints were closed in 2022.
  • 28% of complaints concerned an issue of customer service.
  • 80% of complaints were made by complainants in the Republic of Ireland, with one in five complaints reflecting the cross-border nature of financial services markets.
  • Insurance complaints decreased by 10% in comparison to 2021. In total, 24% of complaints received concerned the insurance sector. For insurance complaints, 35% of the complaints received concerned claim handling, with customer service and rejection of a claim also giving rise to complaints.
  • Banking complaints represented 55% of all complaints received, with 2,640 banking complaints received in 2022, in comparison to 2,660 in 2021. The conducts most complained of for banking complaints were customer service, disputed transactions and maladministration. • There was a significant increase of 25% in the number of pension complaints received.
  • Investment complaints increased from 352 in 2021, to 366 in 2022.
  • 2022 saw a significant reduction in the number of new COVID-19 related complaints made to the FSPO, with 69 new complaints in 2022. 2020 saw 600 such complaints received, reducing to 275 new complaints in 2021.
  • 139 new tracker mortgage interest rate complaints were received in 2022, with the FSPO having over 1,000 tracker complaints on hand at the end of 2022.

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