FOS reveals which lenders received most complaints in H2

The Financial Ombudsman Service took on a total of almost 150,000 new cases in the last six months of 2016 - a slight overall decrease compared to H1, but with large fluctuations across product types.

Related topics:  Finance News
Rozi Jones
28th February 2017
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"PPI complaints are down, but there are some suggestions that this could be the calm before the storm."

Complaints about packaged bank accounts have fallen by around half to 9,100, however general insurance has seen an increase in complaints – up 5% to almost 18,000 when compared to the first half of 2016.

Payday lending complaints have increased by around 22% to just over 5,000 when compared to the first half of 2016.

PPI continues to be the most complained about product with just over 78,000 complaints – making up over half of all complaints to the service.

234 businesses feature in the complaints data for the July to December 2016 period. Most of the businesses named in the complaints data for the first time are payday lenders or debt collectors.

The average uphold rate (where the ombudsman found in the consumer’s favour) over the six-month period was 42% – and ranges from 6% to 87% across the individual businesses.

Bank of Scotland, Lloyds and Barclays received the most new cases in H2. Bank of Scotland and Barclays, alongside Santander, also received the most new mortgages and home finance complaints.

Connells, Santander and RBS had the highest number of cases resolved in favour of the consumer, at 36%, 36% and 34% respectively.

Chief ombudsman Caroline Wayman said: "There’s a widespread feeling that we’re living in unsettled times, and money issues are often at the heart of people’s concerns. At the ombudsman service, the data we publish often show patterns of volatility and change. Lots of factors can influence the complaints we see.

"PPI complaints are down, but there are some suggestions that this could be the calm before the storm. The FCA’s proposals – including the PPI deadline – are likely to heavily influence our complaints volumes."

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