The Financial Ombudsman Service (FOS) has published its annual review for 2013/14. Headlines points include:
- The FOS took on a record 512,167 new cases
- 78 per cent of new cases related to payment protection insurance (PPI)
- Complaints about PPI rose 6 per cent from the previous year to 399,939
- Insurance complaints (excluding PPI) accounted for 6 per cent of total complaints
- Motor insurance accounted for 23 per cent of insurance complaints (excluding PPI), followed by buildings insurance and travel insurance
- 1,000 complaints were received about card protection policies
- Complaints about packaged bank accounts increased by more than threefold
- 58 per cent of cases were resolved in favour of the consumer.
While the FOS still has 400,000 PPI cases to resolve, there are signs that the volume of PPI complaints is now levelling off. PPI aside, the FOS states that it has not seen any major new issues arising but continues to work closely with the insurance sector on issues like non-disclosure and auto-renewal.
For further information: