The latest edition of Ombudsman News looks at the types of complaints FOS addresses from people under 25. PPI is not a concern for them, with the majority of “millennial and post millennial” complaints relating to packaged and current bank accounts (babyboomers make the same proportion of complaints on packaged bank accounts, with Generation X making even more). Generally though the younger age group bring less than 1% of the complaints FOS deals with – but over 20% of the ones they do bring relate to car or motorbike insurance. FOS has also dealt with many complaints when banks have closed young people’s accounts believing them to have been used as money mules. On the other end of the scale, the update looks at changes in patterns of complaints relating to mortgages – after an increase in complainants saying lenders were discriminating against them because of their older age.
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