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annual review 1 April 2004 to 31 March 2005 - who the complaints were about

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

pie chart

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%

 

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%

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

pie chart

life insurance and investment product providers

49%

banks

32%

independent financial advisers (IFAs)

13%

building societies

5%

other

1%

complaints about personal pension products

pie chart

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

pie chart

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

pie chart

banks

86%

building societies

7%

life insurance and investment product providers

2%

mortgage and insurance brokers
2%

other

3%

complaints about general insurance products

pie chart

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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