Growth in financial complaints accelerates

23/11/2009

The speed at which customers get their bank complaints dealt with will increase over the months to come, the Financial Ombudsman Service (FOS) has suggested.

In its latest newsletter, the complaints service pointed out that the rise in the number of cases it is dealing with has "accelerated", but that it had drafted in 200 extra claims handlers as a response to the demand.

FOS is used by people who have been unable to resolve their disputes with banks and other financial services firms.

Recent data from the service shows that the most common source of complaints is Payment Protection Insurance, which makes up 24 per cent of the total.

Credit cards and current accounts take second and third place, on 14.5 and 11 per cent respectively.

"Looking ahead to next year, we expect that our workload will continue to grow," FOS added in the newsletter.

"This is confirmed not only by our own detailed projections but also by what we hear from industry and consumer bodies. We will continue to build our capacity in order to respond flexibly to this challenge."

Tags; Income Worries and Debt, Retirement Money Problems, Credit Card Lifestyle, Young Family Finances, Recent Graduate Debt,

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