The Financial Ombudsman Service’s (FOS) annual complaints data published yesterday (Wednesday 2 July, 2025) shows it received a total of 305,726 new complaints in 2024/25, the highest level in six years and a 54% increase on the previous year.
According to the FOS report, while complaints rose dramatically this was partly due to a rise in authorised push payment (APP) fraud.
There were 36,221 complaints about current accounts in 2024/25, up from 30,635 in 2023/24, with fraud and scams being the most complained about issue in relation to current accounts.
Complaints about investments:
Total new complaints: 5,032
Most complained-about product: Stocks and Shares ISA – 1,655
Overall uphold rate: 36%
Complaints about pensions
Total new complaints: 7,399
Most complained-about product: Personal pensions – 4,698
Overall uphold rate: 43%
Transfers from defined benefit schemes to SIPPs received 288 complaints, of which 58% were upheld, while on the international side QROPS products received 22 complaints, of which 31% were upheld.
Erin Sims, fraud risk services director at accounting firm RSM UK, said: “A significant driver of this surge is the increase in complaints linked to authorised push payment (APP) fraud, a form of scam where victims are tricked into sending money to fraudsters.”
However, Sims was heartened the introduction of the compulsory reimbursement scheme has empowered consumers to confidently challenge banks’ decisions in the knowledge reimbursement is now a legal expectation under certain conditions. An independent 12-month evaluation of the payment service regulator’s reimbursement requirement is due to take place, with the FCA expected to release the findings in Q2 2026.
She added: “The FOS data also reveals that products most vulnerable to fraud, such as current accounts, credit cards and electronic money services, continue to attract high volumes of complaints. This trend highlights the need for a more coordinated approach across financial institutions, telecoms and tech platforms to disrupt fraud networks at their source.
“While the FOS plays a crucial role in focusing on fairness, the volume of fraud-related complaints suggests that prevention remains the most effective form of protection.”
