A small percentage-point rise, a much bigger fall in volume
In the most recent 90-day window tracked by Veste, the Financial Ombudsman published 102 decisions naming Mitsubishi HC Capital UK Plc, of which 7.8% were upheld (allowing for partial upholds, per the standard definition). In the prior 90-day window, the ombudsman published 330 decisions, with an uphold rate of 3.5%. That is a rise of 4.3 percentage points. Both windows meet Veste's minimum sample threshold of 30 decisions, so the comparison is not being drawn from an unreliably thin dataset in either period.
But the more arresting number sits alongside the uphold rate: the volume of published decisions fell from 330 to 102, a drop of 228 decisions, or 69.1%. Whatever is happening to the uphold rate, it is happening against a backdrop of a much smaller caseload reaching final decision in the latest window than in the one before it.
The numbers in full
Across the full period Veste holds data for, from the firm's first published decision on 28 March 2022 to its most recent on 15 June 2026, Mitsubishi HC Capital UK Plc has featured in 1,120 published decisions. Of these, 136 were upheld, 41 were partially upheld and 943 were not upheld, giving an overall uphold rate of 14.0%. That sits below the corpus-wide baseline uphold rate of 28.8% calculated across all 401,815 decisions Veste has analysed.
The year-on-year figures show a firm whose uphold rate has fallen substantially since 2024, even as case volumes have grown. In 2022, 76 decisions were published with a 25.0% uphold rate. In 2023, that rose to 128 decisions and 15.6% uphold. In 2024, volume rose again to 204 decisions and the uphold rate climbed to 29.9%, the highest annual figure in the series. Since then the pattern has reversed sharply: 2025 saw 313 decisions and an uphold rate of 12.1%, and by 2026, with 399 decisions published so far this year, the uphold rate had fallen further to 4.6%.
Set against that backdrop, the period-on-period rise from 3.5% to 7.8% looks less like a turning point and more like a small upward wobble within a longer downward trend. The uphold rate is still far closer to the 2026 annual figure of 4.6% than to the 2024 peak of 29.9%.
What the monthly series shows
Veste's monthly series runs for 25 months, from June 2024 to June 2026. It illustrates just how much the uphold rate has moved around from month to month, often on small numbers of decisions.
In September 2024, for example, 21 decisions were published with an uphold rate of 66.7%, the highest in the series. A year later, September 2025 saw 22 decisions and an uphold rate of just 13.6%. Two months in August, one in each year, tell a similar story: August 2024 had 23 decisions and a 47.8% uphold rate; August 2025 had 22 decisions and a 0% uphold rate, with none of the 22 decisions upheld or partially upheld.
The most recent months in the series show both falling volume and a persistently low uphold rate. April 2026 had 5 decisions and a 20.0% uphold rate. May 2026 had 6 decisions, none upheld. June 2026, the most recent month in the series, had 7 decisions, again none upheld. These are small numbers, and a single upheld or not-upheld decision moves the monthly rate by double-digit percentage points. No firm conclusion should be drawn from any single month in this range.
What is more striking in the volume terms, is the spike in late 2025 and early 2026. November 2025 saw 40 decisions, December 2025 saw 127, January 2026 saw 110, February 2026 saw 108, and March 2026 saw 163. These five months account for a large share of all decisions in the entire monthly series, and their uphold rates were consistently low: 13.8%, 5.1%, 6.8%, 2.3% and 4.6% respectively. It is this cluster of high-volume, low-uphold months that appears to be driving both the 2026 annual uphold rate of 4.6% and the low uphold rate recorded in the prior 90-day comparison window. The subsequent drop to single-digit monthly volumes in April, May and June 2026 is what has pushed the recent 90-day window's total down to 102 and, mechanically, made a small number of upheld decisions carry more weight in the percentage.
What appears to be happening, and what remains uncertain
Veste's data cannot establish why decision volumes rose so steeply in the winter of 2025 into early 2026, nor why they fell back so quickly by April 2026. It is possible that a batch of similar complaints, perhaps relating to the same product line, moved through the ombudsman's process together and were then published in clusters, which would explain both the volume spike and its subsequent fall. That is a plausible reading of the pattern, not a fact established by the data, and it should be treated as interpretation rather than evidence.
What the examples of individual decisions do show is a recurring type of case reaching the ombudsman. All four of the illustrative decisions Veste has on file from the most recent weeks concern timeshare finance agreements, specifically "Fractional Club" memberships, and each raises similar grounds: alleged misrepresentation of the product as an investment, potential breaches of the Timeshare Regulations 2010, and questions about undisclosed commission paid to the timeshare supplier. In each of these four cases, the ombudsman did not uphold the complaint. The reasoning in each case turned on whether the complainant's decision to purchase was actually motivated by investment prospects, and on whether the commission involved, in each case a low single-digit percentage of the loan amount, was disproportionate enough to render the credit relationship unfair under section 140A of the Consumer Credit Act 1974. In each of the four cases, the ombudsman found it was not, even in instances where a regulatory breach by the timeshare supplier was acknowledged as possible.
These four cases cannot be taken as representative of all 102 decisions in the latest 90-day window, still less of the 1,120 decisions in the full published history. They illustrate one type of complaint that has reached the ombudsman recently involving this lender, but Veste's dataset does not break down the full window by product type, so it is not possible to say what proportion of the 102 decisions concerned timeshare finance as opposed to other lending products.
Related complaint categories
Across the wider Veste dataset covering related complaint categories, the uphold rate for complaints about goods and services under section 75 of the Consumer Credit Act stands at 9.0% across 641 decisions. Complaints classified as irresponsible lending show a 18.2% uphold rate across 168 decisions. Other regulated complaints show a 29.0% uphold rate across 105 decisions. PCP or HP mis-selling complaints show a 5.3% uphold rate across 66 decisions. None of these category figures relate exclusively to Mitsubishi HC Capital UK Plc; they are corpus-wide figures for the categories concerned, included here as context for the kinds of issues that arise in connected-lender complaints generally.
What the data does not tell us
Veste's dataset records published Ombudsman decisions, not the total number of complaints made to the firm, many of which will be resolved without ever reaching a published final decision. It also records firms by the name as it appears on each decision. Mitsubishi HC Capital UK PLC and Mitsubishi HC Capital UK Plc appear with different capitalisation in the underlying decisions Veste has examined, and under Veste's firm-grouping approach, differently named entities are not merged, so this analysis treats decisions naming this business as a single dataset based on matching business names, consistent with how they are recorded.
The rise from 3.5% to 7.8% between the two most recent 90-day windows is a real movement in the published data, but it takes place against a fall in volume of 69.1%, and it sits well below both the 2024 peak of 29.9% and the long-run overall rate of 14.0% for this firm. Whether it marks the beginning of a sustained recovery in the uphold rate or a short-term fluctuation within a longer decline cannot be determined from two data points alone.
The wider implication
The most useful takeaway from this data is not that the uphold rate moved by 4.3 percentage points. It is that the uphold rate for this firm has fallen substantially since its 2024 peak, from 29.9% that year to 4.6% so far in 2026, at the same time as the number of published decisions has grown, from 204 in 2024 to 399 in 2026 to date. A small uptick in the most recent quarter, measured on a much reduced volume of decisions, does not on its own indicate that this longer trend has reversed. Anyone tracking this firm's ombudsman record would do better to watch whether the elevated monthly volumes seen in the winter of 2025 to early 2026 return, and whether the uphold rate over a fuller run of months settles closer to its 2025 or its 2026 level, than to read significance into a single quarter-on-quarter change built on a comparatively small number of decisions.