The Financial Ombudsman Service (FOS) tackled a record 508,881 new financial complaints cases over the past year, an increase of 92% compared to last year, according to its annual review of 2012/13 published today.
Richard Lloyd, Which? executive director, said: ‘These shocking figures show the banks are still letting their customers down and failing to help consumers with legitimate claims get the compensation they’re rightly owed’.
FOS provides a way to resolve disputes between financial companies and their customers without having to go to court. See when you can take your financial complaint to the Ombudsman.
FOS complaints figures
Four of the UK’s largest banking groups accounted for 62% of all complaints received by the Ombudsman, up from 52% last year.
Payment Protection Insurance (PPI) made up 74% of all cases.
Before contacting FOS you need to go through the internal complaints procedure of the financial provider you’re complaining about.
If the provider hasn’t resolved your complaint within eight weeks, or has rejected it, you can take it to the FOS.
If you want to complain about a bad financial service, you can use our step-by-step guide.
Big Change campaign
Which? is campaigning to fix banking culture. Our Big Change campaign calls for –
• Bankers to put customers first, not sales.
• Bankers to meet professional standards and comply with a code of conduct.
• Bankers to be punished for mis-selling and bad practice.
Richard Lloyd added ‘The Financial Conduct Authority must take tough action against any bank found dragging its feet in settling complaints.
‘It’s time for a big change in banking, with banks that work for customers, not bankers’.