Credit card and banking complaints rise

Issues with banking and credit cards drove finance complaints up by 19% in the second half of last year, according to latest data from the Financial Ombudsman Service (FOS). Barclays had the highest number of complaints at 5,207, followed by Moneybarn with 4,495. FOS upheld 36% of complaints in consumers’ favour. Complaints tied to current…

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Financial Ombudsman predicts increase in complaints

The Financial Ombudsman (FOS) has predicted that cost of living pressures drive will create a surge in consumer complaints over the next year. In December 2023 FOS estimated that it we would receive around 181,300 new cases in 2024/25. Following discussions with businesses and consumer groups that figure has since been elevated to 210,000. The…

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Credit card complaints hit all time high

Latest data from the Financial Ombudsman Service (FOS) has found that credit card complaints reached a record high in Quarter 4 2023, with consumers lodging 5,660 complaints. 3,086 of credit card complaints were due to unaffordable or irresponsible lending. The figures marks the highest level of complaints in a three-month period since 2014/15. Other products…

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FCA confirms FOS compensation limit increase

The Financial Conduct Authority (FCA) has confirmed that the Financial Ombudsman Services (FOS) compensation limit will increase from £350,000 to £375,000 from 1st April. The limit will change to £375,000 for complaints referred after this date about acts or omissions by firms on or after 1st April 2019. For complaints before 1st April 2019, the…

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