Financial Ombudsman Service Reveals Recently Compiled Complaints Data

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Posted in:Banking and Finance|March 4, 2014 | Join the mailing list

Financial Ombudsman Service Reveals Recently Compiled Complaints Data

The Financial Ombudsman Service (FOS), established by parliament to sort out individual complaints that consumers and financial businesses aren’t able to resolve themselves.

Recently the FOS has produced the latest
complaints figures
which reflect the change of the times in terms of how often the FOS is now finding in favour of the consumer, rather than the banks.

In the six months from 1 July 2013 to 31 December 2013, the FOS received 36,506 complaints against Barclays Bank Plc, 153 of these were in relation to a category which includes interest rate hedging products. Of those 153 complaints,
the FOS found in favour of the consumer 60% of the time.

In terms of wider banking issues, Barclays Bank Plc is again the most complained about bank with 3,782 complaints lodged in relation to banking and credit (which does not include PPI complaints, mortgage complaints or general insurance
complaints). Of these 3,782 complaints, the FOS found in favour of the consumer 50% of the time.

As a percentage, banking and credit complaints only make up 10% of all Barclays complaints, yet for the Royal Bank of Scotland Plc, this figure is 14%.

 

The ombudsman said Lloyds was the most complained-about business group in
2013.

Lloyds Banking Group, which has nearly 30m customer accounts, received 214,672
complaints in 2013, a 77pc increase on 2012.

A spokesman for Lloyds Banking Group said they had made "significant progress"
on customer complaint handling."

 

The FOS have
advice on their website
if you are thinking of complaining about a financial business.

 To discuss any of the issues raised in this article and/or speak to someone in our banking and financial team, please contact us by
email 
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