The latest figures that have been released by the FOS, Financial Ombudsman Service, have revealed that as far as financial products go, the ones they receive the most complaints about include current accounts, credit cards, motor insurance and mortgages. It also showed that the amount of complaints about financial service rose by almost 25% during the period July-September 2011.
The increase of complaints in the second quarter made the total number of complaints for this period 31,286, up from 25,276 in the second quarter of the last financial year. These figures did not include the complaints received about PPI, Payment Protection Insurance. These fell by from 56,025 in the first quarter to 19,259 in the second, yet still accounted for 38% of complaints.
The FOS have said that the of the four products that received the most complaints, credit cards received 11.5% of the total, Current accounts 8.5%, mortgages 5.5% and motor insurance 4%.In the second quarter, from July to September, complaints regarding deposits and savings rose by 40%, mortgage complaints by 37%, overdrafts and loans by 23% and there was 22% more complaints about motor insurance.
The amount of complaints about PPI that were upheld in the customers favour rose to 92%, making the total of all cases won by the customer rise to 80%. As far as other complaints were concerned, the customer was winner in 76% of the cases involving store cards, 70% of credit broking complaints were successful and 96% came out top in complaints regarding products classed as structured capital at risk.
It wasn’t all good news for the consumer however, and in those complaints about legal expenses insurance, with profit bonds and state earnings related pensions, only 17%, 23% and 1% were successful respectively.
The FOS publishes data every six months which relate to complaints that have been made about individual UK businesses. In these latest results that were published in September, it shows that there were more complaints received about the Lloyds Banking Group in the first half of 2011 than any other of the financial service organisations.