All the updated news related to financial ombudsman service

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Personal Finance

Pension savers may be vulnerable to scammers as living costs bite, FCA warns

Cost-of-living concerns could drive some pension savers into scammers’ clutches, research from the City regulator suggests. A quarter (25%) of people said they would consider withdrawing their pension savings earlier than planned to cover living ...

06 Oct 2022 at 01:01

Personal Finance

Banking and credit behind majority of complaints made to financial ombudsman

Banking and credit issues attracted the most complaints to the Financial Ombudsman Service (FOS) in the first half of this year. Some 44,200 complaints about banking and credit were received in the first six months of 2022, which was slightly ...

22 Sept 2022 at 13:15

Personal Finance

Backlog of consumer complaints being driven down, says financial ombudsman

The Financial Ombudsman Service says it has cut a backlog of consumer complaints about firms to around a third of the level at the start of last year. It now has just over 37,000 unallocated cases, down from around 90,000 previously. ...

24 May 2022 at 01:01

Personal Finance

Fee cap for claims management firms comes into force

People using claims management firms will be protected from excessive amounts of their compensation being swallowed up by fees, under new rules. The changes brought into force on Tuesday by the Financial Conduct Authority (FCA) will ...

01 Mar 2022 at 12:55

Personal Finance

Four-year wait to have some financial complaints dealt with by ombudsman

Some people complaining about financial firms to the ombudsman have had a four-year wait, a committee of MPs has heard. Representatives from the Financial Ombudsman Service (FOS) were asked by the Treasury Committee about the ...

09 Feb 2022 at 16:55

Personal Finance

Pension holders being left frustrated by archaic processes, says Which?

Some pension providers need to ditch antiquated methods that appear to be firmly rooted in the last century, according to Which? The consumer group claimed that some providers are not ready for the digital age. Long delays ...

05 Oct 2022 at 01:01

Personal Finance

NS&I exceeded its financing target following US banking sector uncertainty

Savings giant NS&I bust through its target for net financing to the Government in 2022/23 after uncertainty in the United States banking sector led to it unexpectedly receiving a flurry of high-value deposits. Products ...

29 Jun 2023 at 17:07

Personal Finance

Jump in complex scam cases seen by Financial Ombudsman Service

More complaints about scams are being taken to the Financial Ombudsman Service and there are also signs that fraudsters’ tactics are becoming more complex. The service, which can be asked by consumers to step in if ...

28 Jun 2023 at 00:01

Personal Finance

FCA to review whether car finance customers could be owed compensation

The City regulator is reviewing whether people could be owed compensation for being charged too much for car loans, following a high number of complaints. The Financial Conduct Authority will look at historical ...

11 Jan 2024 at 15:23

Personal Finance

Scams contributing to rise in current account complaints taken to ombudsman

Frauds and scams are contributing to a rise in complaints about current accounts, according to the Financial Ombudsman Service (FOS). Current accounts continue to be the most complained-about financial product,...

15 Feb 2023 at 11:06

Personal Finance

Financial Ombudsman Service increases complaint level predictions

More complaints about financial firms are expected this year than was previously anticipated, according to an ombudsman service. Gripes about perceived unaffordable lending, scams and motor finance are ...

04 Apr 2024 at 10:17

Banks given extra time to ‘break the spell’ of scammers before sending payments

Payment service providers such as banks will be given more time to contact customers, police and others when they have reasonable grounds to suspect fraud before they send a payment, under draft ...

12 Mar 2024 at 16:36

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