On its fifteenth anniversary, the Financial Ombudsman Service (FOS) has published its annual review for 2014/2015. Since 2001, the FOS has answered 15 million consumer enquiries and taken on 2.8 million disputes between financial businesses and their customers. A significant proportion, 1.8 million, of these disputes related to just three issues – mortgage endowments, bank charges and Payment Protection Insurance (PPI).
Key figures from 2014/2015 include:
- One in five initial queries turned into a formal dispute.
- 55% of the cases were found in the consumer’s favour.
- PPI still made up two third of FOS’ workload despite the number of PPI complaints halving from the record highs in 2013/2014.
- Four of the UK’s largest banking groups accounted for 58% of all complaints.
- Complaints about payday loans rose by nearly 50%.
- The FOS operated on a cost base of £240.4 million with 3,401 people working for the organisation at the end of the year.
- Eight in ten adults have some awareness of the FOS.
The annual review can be read in full here.