Ten interesting titbits from the Financial Ombudsman Service's (FOS's) annual report, as chosen by your IFAonline team.
The FOS handled the equivalent of 5,000 initial enquiries and complaints from consumers every day in 2011/12. The demographic of the FOS's customers if shifting. Readers of the Financial Times and The Star now refer equal numbers of complaints to the ombudsman, it said. Payment protection insurance (PPI) now holds the record as the single most complained-about product in a financial year. The number in 2011/12? 157,716. Almost half (46.5%) of new cases were made by commercial claims management companies on behalf of consumers - more than the number made by consumers themselves (42.5...
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