Huge rise in Donegal complaints to Financial Services and Pensions Ombudsman

There was an 88 per cent rise in complaints by Donegal residents to the Financial Services and Pensions Ombudsman in 2023.

Last year, there were 135 complaints made to the Ombudsman, Liam Sloyan, who has published his Overview of Complaints for 2023.

The report details the work of the FSPO in resolving complaints from consumers and small businesses / organisations, against financial service providers and pension providers.

The 135 complaints submitted in 2023 represents an 88 per cent rise.

Donegal is now amongst the top 10 counties for financial service and pension complaints.

Nationwide, complaints to the FSPO rose to a record high of 6,182 in 2023, increasing by 29 per cent since 2022.

The number of complaints closed by the FSPO also rose significantly since 2022, by 12 per cent, as the FSPO closed 5,184 complaints.

Overall, the baking sector made up 62% (3,850) of complaints received, while insurance sector complaints accounted for 23% (1,446) of all complaints made.

The FSPO also began collecting figures for non-regulated entities and 74 such complaints were received.

Nearly a quarter of all banking complaints received included the conducts grouped under the heading disputed transactions, which includes the issue of financial scams and fraud.

The FSPO cannot investigate instances of fraud, which are a matter for An Garda Siochana. However, the FSPO does investigate complaints which relate to service failings of the provider in dealing with a customer who suspects fraud on their account.

Mr Sloyan said: “Customer service is again the conduct most complained of for the third year in a row. It is disappointing that many of the complaints received by this Office continue to be of a nature that could be resolved earlier, without a need for our services.

“Throughout 2023 the FSPO continued to help and assist thousands of customers who were unhappy with the resolution of their complaint by their service provider across banking, insurance, investments and pensions.”