Consumer complaints have risen by 30% in the last financial year, according to figures from the Financial Ombudsman Service (FOS).
Overall, the FOS dealt with 123,089 new complaints, reversing the decline seen during the previous year. Many of the disputes were over bank overdraft charges and payment protection insurance (PPI), while half of all complaints were related to just six of the UK’s largest financial institutions. The number of complaints about current account charges increased ten-fold, reflecting major media coverage of a recent High Court test case. PPI complaints increased six-fold, with most complaints now relating to how policies are sold, where previously consumers had complained about rejected clai...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes