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FOS complaints down 39% year-on-year as PPI claims drop

The number of complaints received by the Financial Ombudsman Service between July and September fell by 39 per cent year-on-year as complaints about payment protection insurance halved.

The latest FOS complaints data, published today, shows there were 88,038 new cases in the third quarter of 2014, compared to 143,177 in the equivalent period in 2013.

The FOS received 57,094 PPI complaints between July and September, down 50 per cent year-on-year. It upheld 49 per cent of the complaints.

PPI cases accounted for two thirds of complaints received between July and September.

Current accounts was the second most complained about product with 3,622 complaints in Q3 and an uphold rate of 38 per cent, although the number of complaints is down 2 per cent year-on-year.

Mortgages received the third highest number of complaints at 3,333, with an uphold rate of 33 per cent. The number of complaints is up 8 per cent from 3,090 in Q3 last year.

There were 677 complaints about term assurance, down 14 per cent year-on-year, and with a 23 per cent uphold rate. Complaints about whole of life policies also fell by 5 per cent to 461, of which 23 per cent were upheld.

The FOS received 329 complaints relating to personal pensions, down 13 per cent year-on-year, and of which 29 per cent were upheld.

Complaints about Sipps, however, rose 19 per cent year-on-year, from 176 to 210. The FOS upheld 59 per cent of complaints.

Complaints relating to annuities rose sharply by 68 per cent, from 125 in Q3 last year to 210 in Q3 2014. Just 21 per cent of the complaints were upheld.

There were 201 complaints about payday loans in Q3, up 5 per cent from 191 in Q3 2013, and with an uphold rate of 66 per cent.

There were 116 complaints about unit-linked investment bonds, down 43 per cent compared to 202 complaints in Q3 last year. The FOS upheld 47 per cent of the complaints.

Portfolio management complaints rose by 11 per cent, from 272 in Q3 last year to 303, of which 45 per cent were upheld.

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