More than half of the 6,185 complaints received by the Financial Services and Pensions Ombudsman (FSPO) in 2024 were related to banking.

Of the the 3,404 complaints made to the FSPO about banking, objections most often related to customer services and disputed transactions.

However, the number of banking complaints overall fell 12% from 2023.

Complaints relating to insurance products rose by 26% year-on-year to 1,818, and those complaints most commonly concerned motor and health insurance.

The 411 investment complaints represented an 11% decline from 2023, and pension schemes were the subject of 348 or 6% of complaints, driven by consumers' issues with maladministration accounting for the most part.

The 5,907 complaints closed by the FSPO in 2024 was 14% more than the total closed by the body the year prior.

According to the FSPO's complaints report, more than €4.2m was agreed in mediated settlements during the year through its dispute resolution service.

A further €1m was offered in settlements with complainants during investigations, €308,750 was directed as compensation by the FSPO in legal binding decisions, and €152,273 was offered in redress.

"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," said Liam Sloyan, the Financial Services and Pensions Ombudsman.

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

"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."

The FSPO first deals with complaints informally before investigating and issuing a legally binding decision where necessary.

It can direct financial services providers to pay compensation of up to €500,000 to complainants and/or rectify the conduct that led to the complaint, with no limit on the value of the rectification.