On 25 August 2015, the Financial Ombudsman Service (FOS) released the latest six-monthly complaints data relating to banks, insurers and other financial businesses. FOS took on a total on 173,994 new cases in the first half of 2015 – an overall increase of 8% on the previous period (161,649). Payment protection insurance (PPI) made up 55% of the total cases referred to FOS in the first half of 2015, a 10% fall compared with the previous period.
The number of complaints about financial products other than PPI increased by 45%, largely a result of the increase in complaints about packaged bank accounts brought by claims-management companies. The average uphold rate (where the ombudsman found in the consumer’s favour) during this period was 57%. For the first time, 222 businesses in total had 30 or more cases referred to, and resolved by, FOS in this period.
Chief ombudsman Caroline Wayman said: “Complaints about PPI continue to make up half of our workload. And though the number of new PPI cases has reduced in the first half of this year, the decline has not been as steady or as marked as generally expected. This is at least in part due to the continued high levels of activity by claims managers in this area.
Claims managers have also been largely responsible for the substantial increase in complaints about packaged bank accounts, which have driven up our banking workload over this period by two thirds.
Nobody wants “another PPI”. This is why we’re working closely with businesses, claims companies and their regulators, to make sure PPI is sorted as fairly and as quickly as possible for everyone involved – and that lessons are learned to prevent anything like this happening again. If we can all achieve this, then the next seven years should be a different story.”
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