FOS Focus: third quarter statistics – a snapshot of complaints figures
At the start of the year FOS published their latest set of complaints data for the third quarter of the financial year 2013/ 2014 showing how many new complaints they received, and what proportion have been resolved in favour of consumers.
During October, November and December 2013:
Consumers referred a total of 107,267 new complaints about financial businesses – of which 79,267 (74%) were complaints about payment protection insurance (PPI).
The ombudsman received around 6,000 new PPI complaints each week. Current accounts (13%) and mortgages (12%) were the next most complained-about financial products, followed by credit card accounts (9%), car and motorcycle insurance (7%) and overdrafts and loans (5%).
The proportion of complaints upheld in favour of consumers ranged between 80% (for packaged bank account complaints) and 2% (for complaints about SERPS). The PPI uphold rate for the year to date IS 65%.
Although the volume of PPI complaints are expected to decline, FOS confirm that the numbers are still likely to be substantial and they expect to start the new financial year with at least 400,000 PPI cases on their books.
The FOS Annual Review for 2013/ 2014 is expected to be published in mid-May. We will report on this in the next edition of this Update.
This information is intended as a general discussion surrounding the topics covered and is for guidance purposes only. It does not constitute legal advice and should not be regarded as a substitute for taking legal advice. DWF is not responsible for any activity undertaken based on this information.