Adam Christian Debt Management Services – latest report on the Financial Ombudsman Service recently releases the latest six-monthly complaints data relating to individual financial businesses – including the high street banks and insurance companies.
The data published on the ombudsman‘s website details complaints handled by the ombudsman service between 1 January and 30 June 2013. This includes:
- the number of complaints received about individual financial businesses; and
- the percentage of complaints the ombudsman upheld in the consumer’s favour against those businesses.
During the six-month period, the ombudsman service took on a record number of 327,035 new complaints – an increase of 15% on the previous six months. Over 95% of these cases came from 195 financial businesses – out of more than 100,000 businesses the ombudsman covers.
Complaints about payment protection insurance (PPI) made up more than eight out of ten (86%) of the total complaints referred to the ombudsman during the first half of 2013 – with 266,228 new PPI complaints (compared to 211,885 in the last six months of the 2012). Five financial services groups accounted for 78% of all new PPI cases.
For complaints about financial products other than PPI, the total number of complaints referred to the ombudsman reduced by 15% from 71,366 to 60,807 during the first six months of the year. This involved a decrease of 22% in banking complaints and 3% in insurance cases.
Across all individual businesses included in the data, the uphold rate (where the ombudsman found in the consumer’s favour) ranged from 2% to 98%.
Commenting on the complaint statistics released today, Natalie Ceeney, chief executive and chief ombudsman, said:
During the first six months of this year we sorted out a record number of complaints for people – making real progress in tackling the customer-service fallout from the mis-selling of PPI, widely accepted as the largest financial mis-selling scandal.
Disappointingly we are still seeing cases where businesses are not following our long-standing approach to PPI, resulting in long waits and unnecessary delays for consumers.
But, more positively, we are seeing encouraging signs from some major businesses that are starting to recognise the value of getting things right for their customers – with an increased focus on sorting out problems and concerns as quickly as possible.
Adam Christian Debt Management Services – Report
Following a recent phone call to their offices in the last few days to chase-up one of the ongoing claims for PPI that was mis-sold to one of our clients, l was told by their offices that in fact they have over 500,000 ongoing cases, but they are getting through the back-log at an average of 100,000 every three months! The average wait for a claim at the present time is between 12 and 18 months, dependant on the complexity of the case!
There is simple requirements to submit your case to the Financial Ombudsman Service and these l will cover in a future post, that will highlight from beginning to end how easy it can be to claim ,without losing any money to claims companies, also how difficult it can be made to look.
This report update was just to show the latest figures, if you are one of the unlucky ones to have a case that has been referred or sent to their offices.
Regards, Ian K Draper – Guest Post
Adam Christian Debt Management Services
Licensed under the Consumer Credit Act 1974
- UK loan insurance mis-selling complaints soar-watchdog (uk.reuters.com)
- Banks pay £2.5bn over complaints in just six months – 60% to PPI (dailymail.co.uk)
- Listen and learn, banks told, as rejected PPI cases hit 1m (telegraph.co.uk)
- Two banks face fines for PPI rejections (telegraph.co.uk)
- Ombudsman bombarded by 1m PPI cases (thetimes.co.uk)
- After one million claims and a £18.8billion bill for the banks – is the great PPI bandwagon finally slowing down? (dailymail.co.uk)
- Financial Ombudsman: rising complaints down to lack of trust (blueandgreentomorrow.com)
- Watchdog says banks do not learn from scandals (independent.co.uk)
- After one million claims and a £18.8billion bill for the banks – is the great PPI bandwagon finally slowing down? (thisismoney.co.uk)