FOS publishes 2010/11 review

Today the FOS published its annual review covering the 2010/11 financial year.

The FOS today published its annual review covering the 2010/11 financial year. The review shows that during the year:

  • the ombudsman handled over a million front-line enquiries and complaints from consumers – around 4,000 each working day
  • around 1 in 5 of the initial consumer enquiries we received turned into a formal dispute requiring the involvement of our adjudicators and ombudsman – a record 206,121 new cases, up 26% on the previous year
  • 51% of the new cases were about the sale of payment protection insurance (PPI) with the number more than doubling to 104,597 – the highest number ever received in a year about a single financial product

Natalie Ceeney, chief executive and chief ombudsman, said:

Natalie Ceeney“This year has been the busiest in our ten-year history – with over 200,000 disputes referred to us and a million front-line enquiries. This reflects the increased confidence of an ever more diverse range of consumers getting in touch about a wider range of problems and issues.

“Aside from PPI cases, over the year we’ve seen encouraging signs of improvements in the way that some businesses are handling complaints – and it’s good to see that the number of disputes about some other financial products has now started to fall.”

 

Statistics from the ombudsman’s annual review show:

  • the number of investment complaints dropped by 30% and banking complaints fell by 9%
  • the ombudsman resolved almost half of all disputes (apart from PPI) in three months and three quarters within six months
  • the ombudsman’s involvement resulted in compensation for consumers in 51% of cases
  • complaints about consumer credit, travel insurance and motor insurance increased, while complaints about health insurance, current accounts and home contents insurance fell
  • half of the total number of disputes referred to the ombudsman service involved four of the UK’s largest financial services groups – while 2,131 businesses had just one complaint each
  • 78% of adults said they were aware of the Financial Ombudsman Service – with awareness of the ombudsman highest in the Wales and lowest in Northern Ireland

Register for Updates

Register to receive news updates straight to your inbox.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Newsletter

Sign up to our newsletter
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Technology Form

  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

Get in touch with us

We're ready to show you the future of consulting. Just fill out the form below!
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

PPI Case Handler Profile

Complete your details below to receive our PPI Case Handler profile.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Subject Access Request

    We require basic personal details to locate you on our records.

Request to Delete your Personal Data

    We require basic personal details to locate you on our records so we can delete your information.

Request to Withdraw Opt-In

    We require basic personal details to locate you on our records.