This year they received 133,019 financial complaints compared to 93,114 in 2023.

The majority of the complaints were related to banking and credit, with 101,031 complaints lodged in 2024, whilst only 56,690 were filed in 2023. In addition, in 2024 more than half of the banking and credit-related complaints were brought by professional representatives, as compared to only a quarter a year before.

The research indicated that credit cards and unaffordable lending, car finance, and fraud and scams were the main reasons for the increase in banking and credit complaints.

The report revealed that while banking and credit complaints nearly doubled, complaints about general insurance/pure protection, mortgages and home finance, decumulation life and pension, investments, and funeral planning decreased slightly in 2024 compared to the year prior.

Abby Thomas, chief executive and chief ombudsman, commented: “Businesses should put consumers at the heart of their service but the high level of complaints we receive shows that’s not always the case. It’s vital that businesses are open and transparent with their customers, treating them with fairness and understanding.

“Whilst professional representatives have an important role to play, they must ensure that their cases are well evidenced and have merit. If people don’t feel they’ve been treated fairly by their financial provider, they can come directly to our service and we’ll see if we can help. Getting a fair answer is free and easy.”