Financial Ombudsman publishes overview of complaints

Brendan Burgess

Brendan Burgess

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The Financial Services and Pensions Ombudsman, Liam Sloyan, has today published his Overview of Complaints for 2024, detailing the activities of the Office of the Financial Services and Pensions Ombudsman (FSPO) in 2024.



For the second year in a row the FSPO received over 6,000 complaints from customers concerning financial institutions, insurance companies and pension providers. The Overview provides a summary of the 6,185 complaints made to the FSPO in 2024 and details its outcomes for customers including:



  • 5,907 complaints closed during 2024, an increase of 14% over 2023.
  • Total of €5,733, 868 benefit to consumers overall
  • €4,271,372 agreed in mediated settlements through the FSPO’s Dispute Resolution Service.
  • €1,001,573 offered in settlements with complainants during the FSPO’s formal investigation process.
  • €308,750 directed as compensation by the Ombudsman in legally binding decisions.
  • An additional €152,273 in redress from providers was noted by the Ombudsman as available for acceptance by complainants, leading to legally binding decisions where those complaints were not upheld because the offer in question was reasonable and adequate to redress the conduct complained of.


https://fspo.ie/documents/Overview-of-Complaints-2024.pdf
 
It is disappointing that the summary does not address whether or not any progress was made in the multiple years delays in making decisions.

I am sure it's in the Overview which I will read later.
 
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