UK financial watchdog, the Financial Ombudsman Service (FOS), expects an increase of 44% in complaints in the financial year 2009/10, according to its budget proposals published today.
The FOS expects to settle a record 165,000 complaints from consumers unhappy with their treatment by financial firms. This compares with an estimated 115,000 consumer complaints in the current financial year.
The FOS explained that many of the extra complaints are expected to result from the recent turmoil in the financial markets and the worsening economic climate. The increases are expected to include:
- Mortgage-related complaints – forecast to increase by 78% to 16,000 cases
- Current accounts – forecast to increase by 38% to 18,000 cases
- Pensions and investments – expected to increase by 41% to 24,000 cases
- Motor insurance – forecast to increase by 57% to 11,000 cases
For more details on complaining to the Financial Ombudsman Service and for more on the other ombudsman schemes operating in the UK, including the Legal Service Ombudsman, the Ombudsman for Estate Agents and the Local Government Ombudsman, see the Which? Guide to complaining to the Ombudsman.
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