During the 12 months, it closed 5,907 complaints representing a 14% increase compared to 2023.

The majority of the complaints received during 2024 were related to the banking and insurance sectors. The banking sector alone received 3,404 complaints - accounting for 55% of all complaints - however this was still a 12% decline on the number of complaints during 2023.

The ombudsman Liam Sloyan said a contributing factor to the increasing level of complaints his office received were related to disputed transactions in banking.

“This reflects a continuing increase in fraud. Nearly a third of all banking complaints included the conducts grouped under the heading of ‘Disputed Transactions’, 1,015 complaints, a 12% increase in the number of complaints in this category since 2023,” he said.

According to the report, conducts complained of within the grouping include disputed transactions, fraudulent transactions, failure to provide accurate account information or balances, failure to provide security measures, non-receipt of money, and unauthorised withdrawals.

Insurance complaints

The insurance sector received 1,818 complaints which is a 26% increase. The increasing number of complaints was related to customer service and responsiveness.

Of all the insurance complaints, motor insurance accounted for 41% while private health insurance accounted for 14%. Over a quarter, 27%, of insurance complaints related to how a claim was handled while a further 20% were for an insurance company rejecting a claim.

Mr Sloyan said last year he said service providers should “reflect on the increasing number of complaints” being submitted to his office and work to reduce these numbers.

“It is clear from the complaints received in 2024 that some providers have been very successful in reducing the number of complaints submitted to the FSPO in relation to their services,” he said.

However, it is also clear that, for other providers, the number of complaints being received by this office continues to grow from what were already historically high levels.

“Those providers who have not succeeded in reducing the number of complaints being submitted to this office should take note of the changes and improvements successfully implemented by other providers and consider what they can do to achieve similar results.” 

Other complaints

There were 411 complaints received relating to investments and 348 were related to pension schemes.

The FSPO received 19 tracker mortgage complaints during 2024. 

In total, it has closed 182 such cases and had 729 on hand as of the end of last year.

Resolutions

The report found that the FSPO's various dispute resolution services benefited consumers to the tune of €5.7m. 

Of this, €4.27m was agreed in mediated settlements, just over €1m was offered in settlements with complainants during the FSPO’s formal investigation process, and €308,750 was 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.

Last year, the FPSO closed 86% of cases within 12 months of the complaint being made. This was mainly through resolution in its mediation services and early-stage assessments and interventions.

For all complaints that closed in 2024, including tracker mortgage complaints, the average time from receipt of complaint to closure, was 8.4 months. For non-tracker mortgage complaints that closed in 2024, the average time from receipt to closure was 7.2 months.