Today, the British Financial Ombudsman Service published its latest complaints data linked to financial products for the fourth quarter in 2020.
Overall, the data includes 112,845 enquiries. Of the enquiries, 72,498 were consumer complaints referred to an ombudsman for a final decision. An average of 28 percent of the cases were decided in favor of consumers over the businesses.
These are further central aspects:
With 112,845 enquiries for the last quarter of 2020, the total amount of enquiries decreased by five percent compared to the previous second quarter of 2020 (119,214) and by 42 percent compared to the third quarter of 2019 (195,851).
With 72,498 complaints, the complaint volume increased by five percent compared to the second quarter of 2020 (68,735) and increased by 13 percent when compared to the third quarter of 2019 (83,754).
Guarantor loans were the most complained about financial product with almost 10,321 complaints.
Amounting to 84 percent, the highest uphold rate of complaints decided in favor of consumers was achieved for home credit products.