Credit, Collections & Insolvency News
Complaints to the Financial Ombudsman Service (FOS) regarding banks and credit card companies surged by 76% year-on-year in H2 2024, accounting for 109,155 out of an overall total of 141,846 complaints. This increase is attributed to a rise in financial scams and fraud. Vanquis Bank topped the list with 17,612 new complaints, followed by credit…
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Latetst Financial Conduct Authority (FCA), complaints to financial services firms decreased by 4.3% in the second half of 2024, coming in at 1.78 million. The decline may reflect the positive effects of the FCA’s Consumer Duty, which mandates that firms prioritise customer needs in their operations. The total redress paid also fell by 3% to…
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Latest data from the Financial Ombudsman Service (FOS) has shown that complaints from bank customers over financial products soared 70% last quarter from a year earlier. The rise was mostly driven by disputes linked to credit cards and car loans, FOS data shows that there were almost 74,645 complaints in the last quarter compared to…
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