The number of complaints sent to the Financial Ombudsman Service (FOS) doubled in the last six months compared to the previous half year period, with Lloyds topping the list of shame.
During the six-month period to 31 December 2012, the ombudsman service took on a record total of 283,251 new complaints - a 110% increase on the previous six months. Out of these 95% of cases came from 197 financial businesses - out of more than 100,000 businesses covered by the ombudsman. Lloyds was the most complained about with 45,727 complaints. It was followed by Barclays with 44,725 complaints, and Bank of Scotland with 39,375. Complaints about payment protection insurance (PPI) made up three quarters (74%) of the total complaints referred to the ombudsman during the second ha...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
