The Financial Ombudsman reported continued high volumes of complaints with a total of 141,846 complaints received between July and December last year, compared to 95,349 complaints in the same period in 2023.
It said the raised levels of complaints were driven by banking fraud, credit affordability disputes and motor finance commission cases.
It added that it was working closely with HM Treasury and the Financial Conduct Authority (FCA) to modernise the dispute resolution system.
James Dipple-Johnstone, Interim Chief Ombudsman said: “Behind each case are customers waiting for an answer and we are committed to delivering fair, timely and effective resolutions for consumers and businesses alike.
“The high demand reflected in today’s data underscores not only the vital role our service plays, but also the pressing need for reform to ensure it remains fit for the future. That’s why we’re committed to strengthening the dispute resolution system – so it works better for everyone and reflects the needs of today’s financial landscape.”
The Financial Ombudsman said around 46% of complaints within the period were referred to us by professional representatives, compared to 22% during the same period in 2023.
It said the growth has mainly been focussed on credit affordability and car finance complaints.
Last month, it introduced a new fee model to charge professional representatives who bring more than ten complaints a year.
The move aims to provide a fairer fee arrangement and encourage these representatives to submit better-evidenced complaints, considering their merits more diligently before referring them.
