Written by Lee Davies on 28 Jul 2015
The Financial Ombudsman Service has recently released figures around the number of complaints passed to them for the first quarter of 2015/16. Here Lee Davies, Operations Director at Momenta, reviews the statistics.
"The recent issue 126 of the Ombudsman News includes the complaints data for Q1 2015/16 including the number of complaints and what proportion were upheld by the FOS and we can see some very interesting results...
89,935 complaints were referred to the FOS in this quarter, 4,751 more than in Q1 2014/15.
55% of the 89,935 referred complaints (49,377) were PPI related. With the PPI complaints landscape being well documented and defined over the past 4 years, perhaps the most surprising PPI stat is that over the quarter the uphold rate was up at 74%, compared to the PPI uphold rate over the whole of the last financial year of 62%.
Comparing year on year quarter results we can see that whilst PPI related complaints have reduced (from 57,073 to 49,377) overall volumes of complaints have increased by c. 5.5%. Packaged Bank Accounts are one complaint area that has increased significantly in that time, up almost 5 fold, from 2,555 received complaints in Q1 2014/15 to 12,119 in Q1 2015/16.