The Financial Ombudsman Service (FOS) has published its latest quarterly complaints figures. The data includes the number of enquiries and complaints passed to an ombudsman for a final decision, and the proportion of complaints resolved in favour of consumers. The data for the second quarter showed that new complaints received during July, August and September 2017.
In the latest quarter, FOS handled 151,112 inquiries from consumers, taking on 84,845 new cases – with 8,724 complaints passed to an ombudsman as the final stage of our complaints handling process. PPI remained the most complained about financial product, with 50,639 new cases. Current accounts were the second most complained about product, with 4,497 new cases. Here is an overview of figures:
•Payment protection insurance (PPI) 60%
•Current accounts 5%
•Payday loans 4%
•Packaged bank accounts 4%
•Car and motorcycle insurance4%
•Credit card accounts 3%
•House mortgages 2%
•Overdrafts and loans 2%
•Hire purchase 2%
•Buildings insurance 1%
•Complaints about other products 14%
*Figure above have been rounded up/down to the nearest percent
Caroline Wayman, the chief ombudsman, said there had been a “significant increase” in the numbers of people contacting the ombudsman about PPI over the last quarter.
The second most complained-about product over the same period was current accounts, which attracted 4,497 complaints. Self-invested personal pensions (Sipps) also had a difficult run, with complaints looking likely to beat last year’s total. In the third quarter, the Fos received 1,025 new cases about Sipps. There were 1,493 new cases for the whole of 2016/17.
However, the number of cases upheld has declined for both PPI and Sipps. Only around 4% of PPI cases ever reach the Ombudsman, much lower than for other financial products, suggesting companies have got better at resolving them themselves. Payday loans had the highest number of complaints upheld, while packaged bank accounts had the lowest.