After wrapping up its annual review the Financial Ombudsman Service (FOS) reported that about 25% of those who report money complaints to the service are now 65 or older. This is almost twice as many older people reporting claims than seen four years ago.
According to the FOS, the increase is likely due to the fact that PPI (payment protection insurance) complaints have been a large problem over the last few years. In addition, the heightened figure could also display the fact that older people are becoming more confident about their right to complain.
The FOS typically handles disputes between financial companies and customers and repotted that across the board complaints and cases have risen in almost every age group and every financial sector. Last year the service took on over half a million new cases marking a surprising 92% increase in reported cases compared to the 2011/2012 fiscal year.
The major increase in complaints was attributed to the PPI scheme also as the ombudsmen reported that about 75% of all of their cases had to do with the misspelling of the insurance schemes. PPI schemes were the most complained about financial product across the board for all age groups except for consumers that were under the age of 25 and not likely to own a mortgage. For this group the most common complaints were associated with bank accounts.
Chief ombudsman, Natalie Ceeney, stated that over the last year the consumer voice has continued to grow stronger as more and more people are becoming aware of the fact that they have financial rights and they can complain to certain outlets when they are abused. She added that what is disappointing is the fact that many financial businesses are still not willing to fix the problems and are leaving customers no choice but to complain.