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Wednesday, October 4, 2023

FOS releases quarterly problems information: Q1 2023/24

On 14 September 2023, the Financial Ombudsman Service ( FOS) released its quarterly problems information for Q1 2023/24.

Every 3 months, the FOS shares quarterly information and details on the problems it sees about monetary services and products. This consists of the variety of queries and brand-new problems the FOS has actually gotten, along with the percentage of problems the FOS solved in favour of customers– or ‘promoted’.

This quarters information highlighted the following:

  • In General, the FOS got 73,429 brand-new queries and 43,953 brand-new problems about monetary services and products.
  • This is a boost on problems gotten in the exact same duration in 2015. The FOS got 35,029 problems in Q1 2022/23.
  • Grievances about structures, cars and truck and motorbike insurance coverage have actually reached a combined five-year high, with a boost in problems about hold-ups in processing and paying insurance coverage claims.
  • Bank accounts were the most grumbled about item this quarter, with problems up by a 3rd compared to the exact same quarter in 2015. This increase is because of scams and rip-off problems which likewise increased by a 3rd in the exact same duration.
  • Grievances which were categorised as account closures comprised simply 5% of bank account problems and this follows the exact same duration in 2015.
  • Travel insurance coverage problems have actually doubled in a year– increasing from 504 problems in the very first quarter of 2022/23 to 1,101 in the exact same quarter this year– the greatest Q1 figure for travel insurance coverage problems in more than a years.
  • There has actually been a little boost in the portion of cases promoted year on year. Usually, the FOS promoted 37% of the cases it solved, up from 34% in the exact same duration in 2015.

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