Today, the British Financial Ombudsman Service released the latest complaints data relating to banks, insurers and other financial businesses. The data deals with complaints handled by the ombudsman service between July and December 2016. The complaints data includes almost 150,000 new cases, features 234 businesses and an average uphold rate of 42 percent where the ombudsman decided in the consumers’ favor against businesses. These are some important aspects:
- Complaints about packaged bank accounts have fallen by roughly one half to 9,100.
- General insurance has seen an increase in complaints – up 5 percent to almost 18,000 compared to the first half of 2016.
- Payday lending complaints have increased by 22 percent to just over 5,000 compared to the first half of 2016.
- Payment protection insurance (PPI) continues to be the most complained about product with just over 78,000 complaints – summing up to over half of the total complaints to the ombudsman service.
Caroline Wayman, chief ombudsman, said: "There's a widespread feeling that we’re living in unsettled times, and money issues are often at the heart of people’s concerns. At the ombudsman service, the data we publish often show patterns of volatility and change. Lots of factors can influence the complaints we see. (…) The FCA’s proposals – including the PPI deadline – are likely to heavily influence our complaints volumes. But whatever fluctuations we see in the future, it will remain as important as ever for us to share our insight – to help businesses resolve problems thoughtfully, carefully and with a human touch."
Source: Financial Ombudsman Service