complaints

FOS expects 181,000 complaints driven by cost-of-living in 2024

25th January 2024 Consumer Lending | #complaints

The Financial Ombudsman Service (FOS) is expecting more than 181,000 consumer complaints in the next financial year, with many involving everyday financial concerns. The complaints include a rise in disputed transactions driven by an increase in financial fraud and scams, as well as unaffordable lending linked to cost-of-living pressures. The FOS has set itself a…

Financial Ombudsman Service moves to introduce fees for Claims Management Companies

21st December 2023 Consumer Lending | #complaints

Complaints to the Financial Ombudsman Service (FOS) about motor finance more than doubled in the three months to September. The increase was primarily driven by professional representatives, sometimes known as claims management companies. However, the upheld cases emanating from such organisations were particularly low. Across all areas of complaints, FoS has reported that more than half…

FOS complaints increased by over 13,000 in first half of 2023

31st October 2023 Consumer Lending | #complaints

Complaints to the Financial Ombudsman Service (FOS) increased by more than 13,000 in the first half of 2023, compared to H2 2022. The latest figures showed that FOS received 93,114 complaints from January to June, up from 79,921 in the second half of last year. Banking and credit complaints were up by more than 6,000,…

Regulators finalise new complaints scheme

28th July 2023 Consumer Lending | #complaints

The Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England have finalised a revised scheme for those who have complaints about the regulators, following a consultation. The regulators say that the revised scheme will provide clarity around what people can expect when they complain, making it more transparent and user-friendly.…

Complaints rose by 9.5% rise in the final six months in 2022

23rd March 2023 Consumer Lending | #complaints

The Financial Ombudsman Service (FOS) has announced a 9.5% rise in complaints it received about financial products in the last six months of 2022. FOS received 79,921 compared to almost 72,978 in the first six months of 2022 (H1 2022). new complaints between the start of July and the end of December, compared to the…

Financial Services complaints jump 17%

20th February 2023 Consumer Collections | #complaints

The Financial Ombudsman Service (FOS) saw a 17% year-on-year increase in the number of complaints it received in Quarter 4 (Q4). FOS recorded 41,303 complaints between October and December, up from 35,342 during the same period in 2021. On a quarterly basis, there were 2,833 more complaints in Q4 than in the July to September…

Financial Ombudsman levy to increase by 10%

17th December 2021 Alternative Consumer Lending | #complaints

The Financial Ombudsman Service’s (FOS) expected cost base for 2022/23 will be £293.8million, an increase of 18% on the £249.4m levied for the current year. The FOS said it expects to fund this through a levy increase of £10 million to £106 million, as well as cuts to its cost base. A consultation on its…

Create your Account:

1. Please fill in the boxes below with your email, tick the relevant newsletters you would like to subscribe to and click the Sign Up button.

2. Wait for the double opt-in page to open and confirm your email address.

3. You have subscribed and have agreed to receive the newsletters.

Credit Connect Media is committed to reserving your right to privacy. By using our website and services you consent to our collection and use of your information as described in or privacy policy.

Credit Connect Media has set up a network of business partners whose products and services may be interesting and useful to you. They may contact you from time to time. By subscribing you confirm that you agree to our Terms & Conditions statement.

Login