Rise in Limerick complaints to Financial Services and Pensions Ombudsman

LIMERICK is amongst the top ten counties for complaints submitted to the Financial Services and Pensions Ombudsman (FSPO) in 2024.

The FSPO received 172 complaints from Limerick residents - a rise of 9% between 2023 and 2024.

Nationally, FSPO received over 6,000 complaints from customers concerning financial institutions, insurance companies and pension providers in 2024.

In 2024 the majority of complaints received by the FSPO concerned the banking and insurance sectors.

There were 3,404 banking complaints, accounting for over half of all complaints - a fall of 12% compared to 2023. Complaints relating to the insurance sector rose by 26% to 1,818  in 2024.

In 2024 the majority of complaints received by the FSPO concerned the banking and insurance sectors.

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Commenting on the trends in complaints received, the Financial Services and Pensions Ombudsman, Liam Sloyan said: “It is clear from the complaints received in 2024 that some providers have been very successful in reducing the number of complaints received by the FSPO in relation to their services.

"This shows that positive changes that avoid complaints arising or that resolve complaints internally can bring about change that benefits consumers.”

Mr Sloyan continued, “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 providers in their sector and consider what they can do to achieve similar results.”

An 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.