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FOS reveals rise in formal complaints
The Financial Ombudsman Service (FOS) has revealed it handled a record 206,000 formal complaints in the last financial year.
According to the FOS, it saw a rise of 26 per cent from 2009-10.
More than half of them (51 per cent) were about the mis-selling of payment protection insurance (PPI), the FOS confirmed, adding that 105,000 PPI complaints were a record for any type of financial policy in a single year.
"We have received more calls to our front-line consumer helpline than ever before," commented chief executive Natalie Ceeney.
"And even though we have been able to resolve four out of five problems and enquiries at this early stage - by giving general advice and guidance to over 800,000 people on what to do next - we have still had more consumers come to us with formal unresolved disputes than in any previous year."
The FOS is responsible for dealing with problems that financial businesses have failed to resolve themselves.
According to the FOS, it saw a rise of 26 per cent from 2009-10.
More than half of them (51 per cent) were about the mis-selling of payment protection insurance (PPI), the FOS confirmed, adding that 105,000 PPI complaints were a record for any type of financial policy in a single year.
"We have received more calls to our front-line consumer helpline than ever before," commented chief executive Natalie Ceeney.
"And even though we have been able to resolve four out of five problems and enquiries at this early stage - by giving general advice and guidance to over 800,000 people on what to do next - we have still had more consumers come to us with formal unresolved disputes than in any previous year."
The FOS is responsible for dealing with problems that financial businesses have failed to resolve themselves.
Published: 19/05/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.