Ombudsman reveals rising complaints

27/05/2009

The Financial Ombudsman Service (FOS) has released its annual report - showing how disputes between financial services firms and their customers have been resolved over the past year.

According to the organisation, the number of complaints settled in favour of the customer had gone up to 57 per cent.

Complaints totals also hit a record 114,000 - suggesting that the credit crunch has resulted in more disputes.

Overall, credit card problems went up 30 per cent, with many customers angered by sudden rate changes.

Almost all of these issues were resolved in favour of the customer.

Meanwhile, controversial Payment Protection Insurance (PPI) charges also proved a popular subject of disputes - and customers were found to have won out 89 per cent of the time.

PPI problems were found to be up by 191 per cent.

With bank charges reclaims now tied up in a High Court test case, FOS said that it had received fewer complaints on this issue than before.

Year-on-year, current account disputes declined by 65 per cent.

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