On 19 October 2020, the Financial Ombudsman Service (FOS) published the latest issue of its newsletter Ombudsman News (issue 155).
The newsletter covers:
- Quarterly complaints data. Between July and September 2020, the FOS continued to see an increase in complaints from people who borrowed money, who then felt the debt was unaffordable. Complaints arising from COVID-19 also continued to reach the FOS, reflecting the wide-ranging impact of the pandemic on people’s lives. At the same time, although payment protection insurance remains the most complained-about product, it continues to decline as a proportion of the FOS’ casework – a decade on from when mis-selling complaints began to be referred to the FOS in mass volumes.
- Consumer credit. The FOS sets out its general approach to complaints about consumer credit.
- COVID-19. The FOS sets out some operational information about its service that might be helpful for businesses, and sets out some detail about its approach to complaints caused or affected by Coronavirus
- Annual reports and accounts.
- Blog: helping small businesses with life-changing financial disputes. Caroline Wayman, Chief Executive and Chief Ombudsman, explains why the FOS’ experience of having resolved millions of complaints over the last 20 years, combined with the legal powers it has to put things right, means the FOS is well-placed to provide fair and impartial resolutions to what can often be critical financial disputes faced by small businesses.