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EU and Ireland: Banking and Payments Regulatory Update—March 2025 (FSPO complaints, EBA consumer risks, digital euro, instant payments/VoP, AML/CTF RTS, market risk, CSDR penalties)

Published on: 30 April 2025

Published by a LexisNexis Ireland - Banking & Financial Services expert
Legal News
Article summary

Domestic Financial Services and Pensions Ombudsman published annual Overview of Complaints

On 26 March 2025, the Financial Services and Pensions Ombudsman (FSPO) issued its annual ‘Overview of Complaints’, presenting statistics on complaints received and closed by the FSPO during 2024 throughout the year. In total, 6,185 complaints were lodged in 2024 during that year. A significant contributor to the volume in this period was the number linked to ‘disputed transactions’ in the banking sector. Almost a third of all banking complaints involved conduct grouped as ‘disputed transactions’, a 12% rise in this category since 2023. Conduct cited within this grouping includes fraudulent transactions, unauthorised withdrawals, failure to provide accurate account information, failure to implement security measures and non-receipt of funds. Overall, the banking sector accounted for the largest share of complaints at 55% of all cases (3,404). This represented a reduction in complaints compared with 2023 (3,850). Most banking complaints related to bank accounts (1,787), followed by mortgages (760) and consumer credit (442) respectively. For all complaints that closed in 2024, the average period from receipt of complaint to closure was 8.4 months...

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