FOS forecasts 18% rise in complaints this year

The Financial Ombudsman Service is forecasting an 18 per cent increase in new complaints for the financial year 2009/10 to 150,000 from 127,471 last year.

Speaking at a Tax Incentivised Savings Association conference in London today, FOS external relationship manager Niall Jeewoonarain said the FOS expects 975,000 enquiries and 150,000 new cases during the current financial year.

He said the FOS expects to resolve 165,000 cases this year, which is more than the number of new cases because it is expecting to tackle a large number of existing payment protection insurance complaints.

Of the new case, it expects to see 65,000 banking and credit complaints, particularly regarding mortgages. It expects around 50,000 complaints relating to insurance and 35,000 relating to investments and pensions.

Jeewoonarain said: “We actually expect to resolve more cases this year because of some changes we have put in place internally including restructuring and recruiting.

“We have outsourced external adjudicators from Deloitte who will look specifically at PPI complaints because we do not think these complaints will last very long.”


Threshold of change

It seems like tax is back on the political agenda, with the Government and the Conservatives spending much of last week trying to score points off each over their respective public spending plans.

Website Comments

Windsor Life and seven days – seven months more like. If Standard Life can do everything via one telephone call (that is for an internal annuity) and no forms, why can’t everybody else? If it is that easy for an internal process it cannot be that much more difficult for an external transfer.


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There is one comment at the moment, we would love to hear your opinion too.

  1. Julian Stevens 17th June 2009 at 4:51 pm

    FOS forecasts 18% rise in complaints this year
    Had the FSA done its job properly and published clear procedural guidelines (as it is now doing extremely belatedly in respect of money purchase pension fund transfers), then many of the (unresolved) complaints now being referred to the FOS would probably never have arisen in the first place. Thus, the FOS would have a vastly more manageable workload and the rest of us would have to pay vastly less in levies to support it. But hey, as Hector said on Hard Talk “The FSA is not infallible”. It just requires IFA’s to be. And woe betide them if they don’t measure up.

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