We show below
how the new cases we received during the financial year 2004/05
were spread across the different sectors of the financial services
industry.
firms complained about by sector
|
firms complained
about by sector
|
% |
| life
insurance and investment product providers |
42%
|
| banks |
31%
|
| independent
financial advisers (IFAs) |
13%
|
| general
insurers |
6.5%
|
| building
societies |
4%
|
|
mortgage
and general insurance intermediaries
|
2%
|
|
stockbrokers
|
0.5%
|
|
other
(including fund managers and friendly societies)
|
1%
|
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life
insurance and investment product providers
– what products were complained about
|
% |
mortgage endowments |
73% |
other investments |
15% |
personal pensions |
7% |
insurance products |
4% |
other |
1% |
banks
– what
products were complained about
|
% |
mortgage endowments |
65% |
banking products |
26% |
other investments |
5% |
insurance products |
2% |
pensions and securities |
2% |
independent
financial advisers (IFAS)
- what
products were complained about
|
% |
mortgage endowments |
65% |
other investments |
22% |
pensions |
8% |
securities |
4% |
other |
1% |
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financial products most frequently complained about by sector
The following charts show how cases involving the products most
frequently complained about to the ombudsman service were spread
across the different sectors of the financial services industry.
| complaints
about mortgage endowments |
 |
| |
|
| life
insurance and investment product providers |
49%
|
|
banks
|
32%
|
|
independent
financial advisers (IFAs)
|
13%
|
|
building
societies
|
5%
|
|
other
|
1%
|
|
| complaints
about personal pension products |
 |
| |
|
|
life
insurance and investment product providers
|
67%
|
|
independent
financial advisers (IFAs)
|
24%
|
|
banks
|
6%
|
|
other
(including building societies and stockbrokers)
|
3%
|
|
|
|
| complaints
about other investment products |
 |
| |
|
|
life
insurance and investment product providers
|
54%
|
|
independent
financial advisers (IFAs)
|
25%
|
|
banks
|
15%
|
|
other
(including building societies and stockbrokers)
|
6%
|
|
| complaints
about banking products |
 |
| |
|
|
banks
|
86%
|
|
building
societies
|
7%
|
|
life
insurance and investment product providers
|
2%
|
| mortgage
and insurance brokers |
2%
|
|
other
|
3%
|
|
| complaints
about general insurance products |
 |
| |
|
|
general
insurers
|
60%
|
|
life
insurance and investment product providers
|
16%
|
|
mortgage
and insurance brokers
|
12%
|
| banks |
5%
|
|
cash-plan
health insurers
|
2%
|
| Society
of Lloyd’s |
1.5%
|
| other |
3.5%
|
|
| |
|
how often do financial firms have complaints
about them referred to the ombudsman service?
The table below shows that 85% of the firms covered by the ombudsman
service as at 31 March 2005 had no complaints about them referred
to us during the year. 2,254 firms – fewer than one in ten
of all firms we cover – had just one or two complaints referred
to us in the year. We do not charge firms case fees for the first
two complaints each year. So this means that only 5% of firms
covered by the ombudsman service paid case fees in the financial
year 2004/05.
Ten of the UK’s largest financial services providers accounted for 55% of the total number of complaints we received during the year. At the other end of the scale, just four complaints were referred to us about credit unions.
| 21,020
firms (85% of all firms covered by the ombudsman service*)
had no complaint referred to the ombudsman
during the year |
1,629 firms (7% of all firms we cover) each had 1 complaint referred to the ombudsman during the year |
625 firms (2.5% of all firms we cover) each had 2 complaints to the ombudsman |
310 firms (1.3% of all firms) each had 3 complaints to the ombudsman |
| 578 firms (2.3% of all firms) each had between 4 and 10 complaints to the ombudsman |
| 163 firms (0.7% of all firms) each had between 11 and 20 complaints to the ombudsman |
|
131 firms (0.5% of all firms) each had between
21 and 50 complaints to the ombudsman |
| 47 firms (0.2% of all firms) each had between 51 and 100 complaints to the ombudsman |
| 49
firms (0.2% of all firms) each had between
101 and 250 complaints to the ombudsman |
| 22 firms (0.1% of all firms) each had between 251 and 500 complaints to the ombudsman |
| 40 firms (0.2% of all firms) each had more than 500 complaints referred to the ombudsman during the year |
*as at 31 March 2005 |
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|
