Credit, Collections & Insolvency News
Complaints to the Financial Ombudsman Service (FOS) fell to the lowest level in two years in Quarter 4 2025. Between October and December, the FOS received 47,300 complaints compared to 68,400 in the closing quarter of 2024. The decline comes after an overhaul of rules from regulators and the Treasury, which means professional representatives now…
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Latest data has shown that complaints to the Financial Ombudsman Service (FOS) fell to 46,300 in the quarter ending September 2025, down from 73,700 a year earlier. The decline follows the introduction of charges for professional representatives referring cases. FOS recorded 305,726 complaints for the year ending 31st March, with this driven by grievances over…
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The Financial Conduct Authority (FCA) reported that financial services firms paid out £283 million in redress for complaints in the first half of 2025, a 20% increase from £236 million in the previous half. The FCA received 1.85 million complaints, marking a 3.6% rise compared to the second half of 2024. Complaints about banking and…
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Latest data from the Financial Ombudsman (FOS) has shown that financial complaints have risen by 20% according in the last 6 months according to latest half-yearly data figures. The data from the second half of 2023 showed that overall FOS received a total of 95,349 complaints between 1st July and 31st December 2023, compared to…
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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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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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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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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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