Financial complaints rise as cost-of-living pressures continue

An uptick in complaints about financial advisers (mortgage advisers, share brokers, and insurance brokers) has been noticeable, although overall adviser complaint numbers are low.

The biggest number of complaints are about non-bank lenders. They made up 54% of the disputes FSCL investigated in the six months to the end of last year, up about 14% on the same period in 2022.

The FSCL says it is seeing increasing financial pressure on individuals and families due to the higher cost of living and interest rates, translating to a continuing rise in complaints.

Financial Ombudsman Susan Taylor says the higher increase in disputes, may also, in part, be because people are less willing to settle a grievance or “chalk it up to experience” and want to take it further.