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FOS sees 179% increase in complaints as PPI pain continues

FOS sees 179% increase in complaints as PPI pain continues

The Financial Ombudsman Service (FOS) has seen a 179% rise in the number of complaints in the first quarter of 2013/2014, thanks largely to the payment protection insurance (PPI) mis-selling scandal.

The Ombudsman, headed by chief executive Natalie Ceeney (pictured), received 159,197 complaints in the first 13 weeks from April 2013, compared with 57,075 in the same period last year.

Of these new complaints 83% related to PPI, of which around 78% were upheld in favour of the consumer.

The Ombudsman received 132,152 complaints related to PPI in the three months from April, compared to 32,445 the same time last year.

Complaints in relation to Sipps remained nearly flat at 132 for this year, versus 128 in 2012/13. The number of these upheld in favour of the consumer rose to 55% against 46% last year.

Personal pensions claims were down from 405 in the first quarter of last year to 330, with only 25% upheld for the consumer versus 32% last year.

Annuity complaints rose slightly from 113 in 2012/13 to 120 for the first three months of this year, with 31% being upheld this year compared to 25% in the equivalent period last year.

Claims over whole-of-life policies fell to 499 (21% upheld) from 530 last year (24% upheld), while portfolio management complaints rose marginally from 300 (59% upheld) ) in 2012/13 to 313 (63% upheld) this year.

With-profits bonds saw a fall in complaints from 146 (21% upheld) in the first quarter of last year to 105 (21% upheld) for 2013/14.

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