The Financial Ombudsman Service (FOS) has published the latest issue of its newsletter, Ombudsman news (issue 141). This issue of Ombudsman news contains:
- an update on complaints statistics for the first quarter of the 2017/2018 financial year. The FOS received 135,779 enquiries and 80,234 new complaints – with 8,414 complaints passed to an ombudsman for final decision. Payment protection insurance (PPI) remained the most complained about financial product, with 42,401 new complaints. Current accounts were the second most complained about product, with 5,229 new complaints;
- case studies relating to complaints involving problems with credit. The studies include the following: (i) a complaint concerning credit card debt; (ii) repairing items brought on hire purchase; (iii) a default marker on a credit file; and (iv) excess mileage charge on car finance;
- an update on payment protection insurance (PPI) complaints focusing on the FOS’ actions. In the autumn, the FOS plans to use its newsletter to share some of its early insights into what it’s been seeing since the new PPI rules have been in place; and
- a Q&A clarifying the role the FOS will play with regard to the future regulation of claims management. The FOS noted that it will also look into complaints from people who are unhappy with the service they’re received from a claims management company.
View FOS Ombudsman news issue 141, 15 august 2017