The Financial Ombudsman Service (FOS) has published its latest quarterly update about the financial products and services complaints data. The statistics include the number of enquiries and new complaints received, the number of complaints referred to an ombudsman’s final decision, and the proportion of complaints resolved in consumers’ favour. The latest statistics analyse April, May and June 2018 – and for comparison, the complaints received during the same period last year, and during the whole of 2017/2018.
In the first quarter of 2018/2019 FOS received 183,199 enquiries and 107, 827 new complaints – with 11, 371 complaints passed to an ombudsman for a final decision. On average, FOS upheld 35% of the complaints resolved.
PPI remained the most complained-about financial product, with 55,223 new complaints. Payday loans were the second most complained-about product, with 10,979 new complaints.
Overview of the financial products that consumers complained about most to the ombudsman in the first quarter of 2018/2019:
- Payment protection insurance (PPI) 54%
- Complaints about other products 46%
- Payday loans 21%
- Current accounts 13%
- Packaged bank accounts 7%
- Car and motorcycle insurance 6%
- Credit card accounts 6%
- House mortgages 5%
- Hire purchase 4%
- Overdrafts and loans 3%
- Buildings insurance 3%
- Other products 31%