Credit, Collections & Insolvency News
The Financial Ombudsman Service (FOS) received the most complaints in the first half of this year regarding banking and credit concerns.
In the first half of 2022, there were roughly 44,200 complaints regarding banking and credit, which was a small decrease from the 46,220 complaints in the second half of 2021. Credit cards and current accounts accounted for the majority of complaints in the most recent total. In the first half of this year, little over a third (37%) of banking and credit complaints were upheld in the consumers’ favour. This is a decrease from the final half of 2021, when 44% of similar complaints were upheld. Overall, the FOS said it received 72,978 complaints in the first half of this year.
The data shows that businesses proactively resolved 4,242 complaints. 6,877 offers from over 90 firms were made to customers to settle complaints.
Just under a third of the proactively resolved cases were about fraud and scams. The remaining cases included complaints about e-money services, personal loans, motor finance and credit card purchases.
