The Financial Ombudsman Service has reported over a 30 per cent dip in complaints made by consumers over the past year, but it reckons volumes could soon rise again as the cost of living worsens.
In its latest quarterly data published today (September 7), the Fos said it recorded 35,029 new cases between April and June 2022, compared with 50,906 during these same months in 2021.
New complaints during these months were 2,428 less than the previous three moments – January to March.
A Fos spokesperson told FTAdviser: “Complaints to our service are down this quarter compared with this time last year, and anecdotally, I understand that self-invested personal pension complaints are consistent with this overall trend.”
New Sipp cases received by the Fos spiked at the end of 2021, up 73 per cent over just two quarters.
The Fos put recent increases in new complaints down to the impact of Covid-19 and affordability, stating levels of complaints returned to “more normal levels” in the months leading up to this summer.
However, it warned that complaint volumes could rise once again rising in the near future.
“As we look ahead, we are mindful of the new challenges that the worsening economic environment and the rising cost of living could bring. As a result, we may see an increase in the volume of complaints,” the Fos said today.
“We will continue to engage with industry bodies, businesses and the FCA about their expectations for complaint volumes over the coming months.”
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