The Financial Services and Pensions Ombudsman (“FSPO”) published its annual Overview of Complaints on 25 March 2026, highlighting trends in complaint volumes and sector-specific issues. The Overview provides useful insights for financial service providers.
Introduction
In 2025, the FSPO received 7,004 complaints; the highest level of complaints received since the office of the FSPO was established and a 13% increase on the number of complaints received in 2024. The FSPO also resolved its highest ever number of complaints in 2025, with 6,282 complaints closed; a 6% increase on the number of complaints closed in 2024.
Insurance complaints increased by 18% since 2024, almost doubling in three years. The Ombudsman’s message notes this growth in insurance complaints is a continuation of a trend that has been ongoing for a number of years, and this level of increase should be of concern to the industry and the Ombudsman will be engaging with the insurance sector.
Regarding timelines, the Ombudsman notes that the FSPO is working to reduce its timelines in dealing with complaints, under challenging circumstances of increasing complaint numbers. FSPO complaints can involve significant time and costs for providers; the average time from receipt to closure of a complaint (via the FSPO’s Dispute Resolution Service) in 2025 was 8.3 months. More complex complaints, including those requiring a formal investigation and / or jurisdictional assessment by the FSPO can take longer to resolve.
Sectoral analysis
Banking complaints
The FSPO received 3,802 banking complaints in 2025; over half (54%) of all complaints received, representing a 12% increase on the number of banking complaints received in 2024. In 2025, the most common conducts complained of in the banking sector were:
- disputed transactions (34% of banking complaints);
- customer service (26% of banking complaints);
- maladministration (19% of banking complaints);
- mis-selling (4% of banking complaints); and
- incorrect advice (4% of banking complaints).
Insurance complaints
2,142 complaints were received by the FSPO in 2025 relating to the insurance sector, representing 31% of all complaints received. The largest number of insurance complaints related to motor insurance (968 complaints), followed by private health insurance (325 complaints), and travel insurance (241 complaints).
Insurance conducts most complained of in 2025 concerned:
- claim handling (26% of insurance complaints);
- rejection of claim (22% of insurance complaints);
- customer service (11% of insurance complaints);
- maladministration (11% of insurance complaints); and
- refusal to give a product and / or service (9% of insurance complaints).
Investment complaints
The FSPO received 525 investment complaints in 2025, a 28% increase compared to 2024. Investment conducts most complained of in 2025 were:
- maladministration (35% of investment complaints);
- customer service (16% of investment complaints);
- improper management of funds (16% of investment complaints);
- mis-selling (11% of investment complaints); and
- incorrect advice (8% of investment complaints).
Pensions complaints
The pensions sector showed a reduction in the number of complaints received in 2025 of 21% compared to 2024. The majority of the 276 complaints received by the FSPO (86%) related to occupational pension schemes. Conducts most complained of in relation to pensions in 2025 were:
- maladministration (48% of pension complaints);
- calculation of pension benefit (20% of pension complaints);
- failure to provide information / correct information (8% of pension complaints);
- customer service (8% of pension complaints); and
- the provision of incorrect or unsuitable advice (4% of pension complaints).
Mediation
The FSPO’s Dispute Resolution Service closed 41% (1,521 complaints) of all complaints through mediation in 2025. The FSPO continues to focus on resolving complaints at an early stage and facilitates a ‘Return for Further Mediation’ process which was introduced in 2024. This process allows parties, who had entered the formal investigation process, a further attempt at mediation. In 2025, 47% of the complaints referred for further mediation were resolved within that process.
Formal investigation process
In 2025, the FSPO issued 244 legally binding decisions. Of these, six complaints were upheld, eight complaints were substantially upheld and 28 complaints were partially upheld. The combined value of compensation directed in the 42 legally binding decisions where the complaint was upheld, substantially upheld or partially upheld, was EUR 165,950.
A further EUR 511,140 was paid by providers to settle complaints during the FSPO’s formal investigation process, without the need for a legally binding decision. Additionally, EUR 928,504 in redress from providers was noted by the FSPO as reasonable in the circumstances available for acceptance by complainants, leading to legally binding decisions that were not upheld (where an offer was considered reasonable and adequate to redress the conduct giving rise to the complaint, no formal direction by the FSPO was required).
Active statutory appeals and judicial reviews
The FSPO’s decision on the merits of a complaint is legally binding on the parties, however, the complainant or the provider can pursue a statutory appeal to the High Court (in accordance with the provisions of section 64 of the Financial Services and Pensions Ombudsman Act 2017 (as amended)), to challenge the validity of a legally binding decision. A complainant or a provider may also seek to judicially review jurisdictional determinations of the FSPO (regarding the eligibility of the FSPO to investigate complaints).
In 2025, one High Court statutory appeal was initiated. The number of active statutory appeals and judicial reviews reduced from a total of three matters, to one (being the one new statutory appeal initiated during 2025).
Referral to regulatory authorities
The FSPO can refer legally binding decisions to the Central Bank of Ireland, the Competition and Consumer Protection Commission, or the Pensions Authority (the “Regulatory Authorities”) and makes such referrals where a complaint raises the possibility of a potentially systemic issue, which may warrant consideration by the Regulatory Authorities. During 2025, the FSPO referred two legally binding decisions to the Central Bank of Ireland for this reason. Both referrals were insurance complaints and the issues raised by these complaints were as follows:
- The provider failed to act appropriately after recognising the mistake, resulting in a delay (lasting several years) in resolving the issue, and the FSPO was concerned that the provider’s handling of this complaint was systemic.
- The provider’s failures persisted and reoccurred over many years (despite notification of the failures to the provider). The FSPO noted that the provider cited a “system error” as the cause of its failures, and the evidence supported that the provider’s failure in respect of this complaint may be systemic.
During 2025, the FSPO also shared with the Central Bank of Ireland every legally binding decision issued concerning a complaint about a tracker mortgage that was upheld, substantially upheld or partially upheld (four in total).
Providers should take note of the continued upward trend in the number of complaints being made to the FSPO and ensure internal complaints handling processes are robust, safeguarding against escalation to the FSPO.
Contact us
For more information, please contact Disputes and Investigations partners, April McClements, Aishlinn Gannon, senior associate Paula Shine, or your usual Matheson contact.