Financial Ombudsman Service deals with record number of complaints
Consumers complained to the Financial Ombudsman Service (FOS) in record numbers last year.11 March 2014
Figures published this week show the ombudsman took on a record 575,836 new cases, an increase of over one-third (38%) on 2012.
In resolved cases, there was continuing wide variation between institutions in the uphold rates - the proportion of cases won by the customer, prompting chief ombudsman Tony Boorman to say: "In far too many cases, uphold rates remain stubbornly high, highlighting the need for financial businesses to do more to demonstrate their longer-term commitment to listen to customer's concerns as they seek to rebuild trust."
The FOS can award compensation of up to £150,000 if it finds in a consumer's favour, as well as telling the company to put the consumer back into the position they would have been in, if the original problem hadn't happened.
The most common complaint last year was about payment protection insurance (PPI), which made up 86% of the total in the first half of last year and 76% in the second half.