- Wednesday, 19 May 2010Complaints about banking and credit issues, which could leave consumers needing a
debt management plan, increased by 30 per cent from April 2009 until March 2010, reports the Financial Ombudsman Service (FOS).
In its annual report published yesterday (May 18th) the FOS revealed that it had handled 925,095 initial enquiries about consumer finance.
Around 50 per cent of cases resulted in compensation, which could help effective
debt management.
Natalie Ceeney, chief ombudsman and newly-appointed chief executive, said: "In the last ten years, the FOS has handled six million enquiries and resolved almost a million complaints. Nearly a third of these cases have been complaints about mortgage endowments."
She added that the most common complaints today were about the sale of payment protection insurance (PPI), current accounts and credit.
The Competition Commission announced last week that lenders could no longer sell PPI when a
loan was taken out by a consumer with the aim of creating competitive prices and preventing PPI from being missold.
Missold PPI could lead to the need for a
debt management plan. The FOS received a record 49,196 complaints about PPI.
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