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#1 03-06-2019 10:00:09

johnedward
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From: Paris - France
Registered: 21-12-2009
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UK's Financial Ombudsman Service reports a 5% drop in complaints

UK's Financial Ombudsman Service reports a 5% drop in customer complaints in 2018/2019


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Customer complaints in the spread betting sector have gone down 12%, which contrasts with the decline in those related to interest rate products: a staggering 40%.

The most recent yearly Financial Ombudsman Service (UK) report covering both last year and the current year has just been released, and the figures suggest that it has been a rather active period.

Carol Wayman - head of FOS - reported that the last year has been an extremely full one, due to over 388,000 complaints, a 13% jump since the preceeding period.

Financial Ombudsman Service processed close to 1.6 million inquiries by phone, mail, and electronic mail from people with various money-related issues. 

Among the noticeable trends is the fact that people are complaining more about consumer loan services - a 90% jump in complaints (following a 39% hike the previous year). This is approximately 33,3% of the cases that the Financial Ombudsman Service is currently reporting.

Complaints about other financial products and services are on the decline, though.

FOS reports only 369 complaints about derivative products in the last 12 months, a 5% drop from the preceeding period. Complaints related to spreadbetting were also down (-12%), and those linked to interest rate products sank by 39%.

The Financial Ombudsman Service also noticed a spike in complaints related to the relatively recent shift to internet banking services, notably due to a huge country-wide service blackout - coupled with other minor ones - affecting hundreds of thousands of customers. 4 different national banks, including NatWest, saw their business affected by these IT outages.


"Anything worth having is worth going for - all the way." - J.R. Ewing

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