On 23 February 2016, the Financial Ombudsman Services (FOS) released the latest six-monthly complaints data relating to banks, insurers and other financial businesses. FOS took on a total of 164,347 new cases in the second half of 2015 – a slight decrease of 6% on the previous period. Payment protection insurance (PPI) made up 56% of new cases referred to FOS, which was on par when compared with the previous period.
The number of complaints about financial products other than PPI decreased by 10%. This reflected a downward trend in areas such as packaged bank accounts and mortgages. The average uphold rate (where the Ombudsman found in the consumer’s favour) during this period was 53.
Chief Ombudsman Caroline Wayman said: “the signs are that complaints are now broadly levelling off as we move into a more even keel in the coming year. Complaints about PPI still continue to make up over half of our workload…we’re still seeing the volume of cases at a much higher level than many people expected.
“There are many factors that can influence the complaints we see, from fluctuations in the stock market to extreme weather conditions – and more people knowing their rights when things go wrong”.