Financial Services and Pensions Ombudsman (FSPO) – Complaints AnalysisSeptember 2021
Earlier this year, the FSPO published its overview of complaints that they received and mediated on in 2020. This totalled to 5,395 of which 58% of these were received online.
An increase in the number of complaints closed was up 35% from 2019. Of 6,193 complaints closed in 2020 (includes complaints received prior to 2020), the FSPO have published the following:
- 2,960 complaints were resolved through the Dispute Resolution Process
- 1,401 complaints were closed following registration and referral to providers
- 494 legally binding decisions were issued. Of these, only 171 were fully upheld
- 428 complaints were withdrawn during the process
- 327 cases were closed following determination under the Early Jurisdictional Assessment (EJA) process.
The complaints relate to the following industries:
- Banking – 56% (more than 50% of banking complaints related to mortgages)
- Insurance – 32% (most of which related to motor insurance)
- 2% of complaints could not be categorised due to not enough data being available.
The top 6 complaints relating to Insurance in 2020 related to the following conducts:
- Disputed transactions – 5%
- Delays in processing requests – 4%
The FSPO will continue to have a more direct interaction with consumers and providers to ensure faster resolution of issues and a smoother service provided.
The FSPO is currently developing its strategic plan for 2021-2023.
The full overview of complaints for 2020 is available on the FSPO website through the link below: