FSPO Awards Record €6.17M to Consumers in 2025

The Financial Services and Pensions Ombudsman (FSPO) has published its annual review for 2025, revealing that Irish consumers received a record €6.17 million in compensation, refunds, and redress through the complaints process. This represents a 23% increase on the previous year and underscores the growing willingness of consumers to challenge their financial service providers.

Insurance complaints continued to dominate, accounting for 38% of all complaints received, followed by banking at 31% and investment and pension products at 19%. Notably, complaints related to credit reporting and the Central Credit Register saw a sharp increase of 41%, reflecting greater public awareness of how credit data affects mortgage applications and financial access.

The Ombudsman highlighted several systemic issues uncovered through investigations, including delays in complaint handling by providers, failures to adequately explain product terms, and instances where firms did not follow their own internal procedures. In 127 cases, the FSPO directed providers to change their practices, benefiting not just the individual complainant but all customers.

For consumers considering a complaint, these figures are encouraging. The FSPO process is free and accessible to everyone. You do not need a solicitor, and you can submit your complaint online. If your financial provider has failed to resolve your issue after their internal complaints process, the FSPO is your next step. The key is to document everything, keep records of all communications, and be specific about the redress you are seeking.