Complaints about “authorised” scams increase by around a fifth

This is an increase of around a fifth when compared to the 7,770 received in the 2020/21 financial year. The FOS has said it’s continuing to uphold around three-quarters of “authorised” scam complaints in the consumers’ favour. 

Overall, it received more than 35,000 complaints about customer service and administration across all financial products. Examples of this included a lack of attention to detail, and sending personal information to the wrong address. 

Current accounts were the most complained about product, with nearly 25,000 new cases coming to the regulator. As well as the number of cases about “authorised” scams increasing, it continued to see high numbers of fraud and scam cases with more than 17,500 new complaints. 

It also saw new trends in scams involving social media and scams relating to fake investments. 

Covid-19 and the cost-of-living crisis continued to impact on people’s financial lives, with the regulator receiving 57,000 complaints linked to all types of borrowing. For example, it saw an increase in complaints about second-charge mortgages, including from people in financially vulnerable positions. 

Across the main financial product areas, the FOS received 108,065 new complaints about banking and credit, 33,127 about insurance, 16,276 about investment and pensions and 5,369 about payment protection insurance. 

Commenting on the figures, Nausicaa Delfas, interim chief executive and chief ombudsman of the FOS, said: “Over the past year, the FOS continued to help over two hundred thousand customers who had problems with financial businesses on issues across banking, lending, insurance and investments. 

“In this period of economic uncertainty it is more important than ever that where problems do arise, they are addressed quickly. We are here to help to resolve financial disputes fairly and impartially.”