New cases for the Financial Ombudsman Service(FOS) soared by 26% in the year to March 31 2011, driven by a record number of complaints about PPI mis-selling.
The FOS received a record 206,121 new cases, which was 8.5% higher than expected. It also handled over a million front-line enquiries and complaints from consumers - around 4,000 each working day. This huge increase was largely as a result of a 113% rise in the number of PPI cases, following a 56% hike the previous year. Total complaints about PPI soared to 104,597; the largest number of complaints the FOS has ever received about a single product in one year. Complaints about the product made up half of the total caseload However, the number of investment-related complaints dropped by...
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