Pension and investment complaints fall 8%

The number of complaints about life and pension and investment companies fell by 8% during 2022, according to the latest data from the Financial Ombudsman Service. In contrast, complaints about banking, insurance and mortgages were up as much as 14%. Data published by the FOS today covered complaints data about individual businesses for the six months from 1 July to the end of December 2022. The number of overall complaints remained steady compared to the first half of the year. The Ombudsman said it received a total of 79,921 new complaints in the six months, compared to 72,978 between January and July of 2022. But the number of all complaints upheld fell by 8%, suggesting that more complaints were unwarranted in the six month period. Just over a third of complaints were upheld, some 34% compared to 37% in the first half of the year. There were 3,842 new decumulation life and pension complaints in the second half of 2022, compared to 4,193 in the first six months of the year, the data revealed. New investment complaints fell by more than 8%, dropping to 2,227, compared to 2,427 between January and July, according to FOS. Banking complaints soared by 14% as bank customers continued to be unhappy. There were 50,346 new banking and credit complaints in the period, compared to 44,200 in the first half. New general insurance or pure protection complaints also climbed by double digits, rising 10% from 17,530 to 19,346 in the second half of the year. New mortgages and home finance complaints rose by almost 6% during 2022, up to 4,160 compared to 3,658 in the first six months.

Pension and investment complaints fall 8%

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