Financial Ombudsman Complaints Flood

Financial Ombudsman Complaints Flood.

2013 saw the Financial Ombudsman Service (FOS) flooded with new complaints about banks and other financial institutes.

An increase was seen from the complaints recetved in 2012 jumping by 38% to 576,000. The complaints however did ease off in the second half of the year.

It was found however that from the complaints received, PPI related complaints has dropped by 8%. The number of PPI complaints received fell to 55,747 from 60,807.

The FOS deals with complaints from customers who feel their bank, mortgage, credit card, insurer or investment company has not dealt with their complaint correctly.

56% of complaints received were upheld. The FOS was not happy with the amount of complaints having to be upheld as it indicated that financial services firms were not dealing with complaints adequately.