FOS Annual Review published

The FOS has published its Annual Review for 2017/2018.

Many of the complaints statistics highlight products that are the subject of ongoing regulatory scrutiny and activity:

• the FOS notes significant increases in complaints in home credit, hiring, leasing and renting, and payday loans: putting to one side PPI, one in four new complaints related to consumer credit. 31% of banking and credit complaints were upheld overall, but 60% of high-cost credit complaints were upheld.
• Motor insurance was by some measure the most complained about insurance product, a number of complaints relating to ‘black boxes’ and their use of customers’ data.   30% of insurance complaints were upheld.
• SIPPs were the most complained about pensions product, with a 37% increase this year. However, only 28% of investment and pensions complaints were upheld.

In the consumer credit space, the FOS expresses concern that some lenders are not doing enough to ensure that their customers’ borrowing is sustainable, or aren’t helping customers anticipate potential risks to their money.  The FOS also notes an increasing number of customers dissatisfied with year on year increases in their insurance premiums, ‘paying the price of loyalty’.