The Financial Ombudsman Service (FOS) has published its latest quarterly data on complaints in relation to financial products. This data covers the period October to December 2021, and is available in full as a spreadsheet.
In particular, packaged bank accounts were one of the most complained about financial products. However, only 4% of complaints received about these products were upheld in the consumer’s favour. FOS explains that this is because it will not usually consider that not using the benefits of a packaged bank account is a sufficient reason to conclude that the account was mis-sold. However, it might conclude this where the customer is unable to use the benefits.
The other products making up the top five most complained-about products were: current accounts; credit cards; car or motorcycle insurance; and personal loans. The highest uphold rate was 80%, in relation to short term lending (running account credit).
There has been a significant fall in the complaints about business interruption insurance as insurers work their way through their claims.