On 14 December 2023, the Financial Ombudsman Service (FOS) published its product complaints data for the second quarter of this financial year, July to September 2023/24.
The FOS flags that, according to the data, vehicle-related complaints now make up 25% of all cases. It found that the volume of complaints from people financing their vehicles has reached a five-year high and that a spike in vehicle insurance cases is being caused by valuation disputes, customer service issues, and delays in pay-outs.
The data also shows that current accounts continue to be the most complained about product overall with 7,880 new complaints – this has increased by a third compared to Q2 2022/23, from 5,945 new complaints. Credit Cards were the third most complained about product with 4,505 complaints this quarter compared to 3,386 cases in the second quarter of 2022/23.