On 26 May 2016, the Financial Ombudsman Service (FOS) published its annual review for 2015/2016. The position has not changed dramatically over the last year, with complaints numbers relatively in line with the past year. PPI still dominates as the most complained about product, though the amount of complaints received fell by nearly 8% from last year. Excluding PPI, the FOS resolved two thirds of complaints within three months.
- The biggest increase in complaints is for banking products – complaints have increased by 33% over the past year, with complaints about mis-selling comprising 53% of the total made.
- The largest increase in complaints relating to banking products over the past year: payday loans (up 178%), spread betting (up 113%), packaged accounts (up 107%), credit reference agencies (up 86%), home credit (up 69%) and personal accident insurance (up 68%).
- The largest decrease in complaints relating to banking products over the past year: pension mortgages (down 59%), credit broking (down 54%), card protection insurance (down 52%) and SERPS (down 50%).
The number of complaints about insurance, pensions and investments is broadly in line with last year.
51% of all complaints dealt with were upheld by the FOS in 2015/2016, compared with 55% in 2014/2015. The majority of claims are brought by consumers (82%) with the use of claims management companies down significantly from the previous period.
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