This week FOS published its regular newsletter in which it discussed:
- a rise in consumer credit complaints;
- statistics on complaints received in the first quarter of 2017/2018; and
- an update on PPI and the FCA’s new rules and guidance
FOS’ Annual Review
The annual review published earlier in the summer by FOS identified that complaints about consumer credit have risen by 89%, following a 40% rise compared to last year.
Statistics on complaints in Q1 2017/2018
In the first quarter of 2017/2018, PPI has been the most complained about financial product, with 42,401 new complaints received by FOS and accounted for 53% the financial products that consumers have complained about the most to FOS during the quarter. Current accounts were the second most complained about product with, 5,229 new complaints.
On 29 August 2017, the FCA’s new rules and guidance for PPI complaints will come into effect and a two-year deadline will be introduced for complaints about mis-sold PPI. For FOS, this will mean looking at the particular circumstances of each individual complaint and considering what the Supreme Court case of Plevin v Paragon Personal Finance Ltd means for PPI complaints. However, for the future FOS will still be dealing with PPI complaints for some time and is likely to be busy beyond the final deadline of 29 August 2019 for making a PPI complaint.