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Surge in customer complaints about fraudulence, banking and pay day loans

Surge in customer complaints about fraudulence, banking and pay day loans

A far more than 40% rise in customer complaints about fraudulence and frauds has helped push the general wide range of gripes seen because of the monetary ombudsman to its greatest amounts in 5 years.

The Financial Ombudsman provider (FOS), which resolves instances whenever customers and economic companies cannot arrive at an understanding, stated the general amount of brand new complaints it saw in 2018-2019 increased by 14per cent annually to 388,392 – despite a decline in PPI complaints.

PPI (repayment security insurance coverage) could be the biggest area of dispute that the Financial Ombudsman Service (FOS) has ever seen, with a complete of greater than two million complaints recorded.

But also for the very first time in a decade, PPI complaints constructed not even half of brand new complaints gotten, accounting for 46% associated with total in 2018-19.

And even though grievances about PPI be seemingly dying down since the 29 deadline approaches, complaints about some other products and services are on the increase august.