FOS has published the annual complaints data for the 2023/24 financial year. Most notably, complaints about the banking sector are at their highest level in at least a decade. In the last financial year, consumers raised 80,137 cases about banking and payment products (up from 61,995 complaints in 2022/23). FOS says the increase is largely driven by worries that consumers may have fallen victim to fraud and scams. Customers also complained about customer service, as well as perceived unaffordable or irresponsible lending.
The increase in complaints is not limited to the banking sector. FOS is seeing higher case levels across the board, a trend which it says is continuing into the new financial year.
The most complained about products were current accounts, credit cards, hire purchase (motor), car/motorcycle insurance and conditional sale (motor).