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Financial complaints rise in second half

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by Kay Mitchell

The Financial Ombudsman Service (FOS) has today said complaints rose in the second half 2010.

According to the FOS, it received 97,237 new complaints between 1 July and 31 December – a rise of 15% compared with the first half of 2010.

This list only covers those complaints which required mediation.

Lloyds Banking Group, which is 43% owned by the taxpayer, was at the top of the list with more than 22,000 complaints.

However, the FOS highlights that Lloyds is the largest UK bank.

Meanwhile, in the six-month period, the FOS upheld more than half (53%) of complaints in favour of the consumer – compared with 44% in the previous six-month period.

The rise in complaints was attributed to the sale of payment protection insurance policies (PPI), the FOS said, accounting for more than half of all new cases in the six-month period.

Commenting on the research, chief ombudsman Natalie Ceeney, said: “The latest set of complaints data continues to show that while some financial businesses are improving the way they handle their customers’ complaints, some regrettably are not.

“Taking the trouble to handle complaints well is an important part of a business’s ongoing relationship with its customers – and it is the key to providing really excellent customer service.”

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News posted: February 28, 2011

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