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Financial services complaints rise 5pc

Thursday, September 13 10:14:19

There were 3,668 new complaints received by the Financial Services Ombudsman in the first and second quarters of this year; representing a 5pc increase on the last two quarters of 2011 and with complaints about insurance companies topping the list, its latest bi-annual report shows.

The report noted the trend for July and August is showing a continued increase in complaints with 872 complaints received in July and 725 in August in August and the FSO expects a higher level of complaints in the third and fourth quarters of this year.

The figures also show the number of people who have complained about Payment Protection Insurance has almost doubled to over 400.

The figures reveal dissatisfaction with the insurance sector accounted for most of the complaints received by the Financial Ombudsman during the first six months of this year.

Around 1,900 complaints against insurance providers were lodged with nearly a quarter concerning the Payment Protection product and its alleged mis-selling.

Over 1,000 complaints were received from those unhappy with their banks. The most common complaint concerned mortgages and their repayment terms.

Out of the total 1,600 complaints that were dealt with during the six month period, 72pc were not upheld with 28pc being upheld or partly upheld.

The total amount paid out in compensation to those were wronged amounted to E790,000 in the six month period.