The Financial Ombudsman Service (FOS) has published its annual review for 2016/17.
Key figures in the annual review include:
- in 2016/17 the FOS resolved 336,381 complaints;
- 52,5% of new complaints to the FOS were in relation to payment protection insurance (PPI) -168,769 complaints overall compared to 177,712 last year; and
- 5% of non-PPI complaints involved consumer credit. Complaints about payday loans have risen by 227% since 2015/16 while complaints about instalment loans and guarantor loans rose by 318% and 182% respectively.
View FOS annual review for 2016/17, 13 June 2017