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FOS annual report 2008/2009

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  • FOS annual report 2008/2009

    Out tomorrow............

    Should be very interesting - publications - annual reviews

    The I specific transparency angle isnt expected until the 6 monthly review - Autumn 2009, although they state = ''So, depending on the responses to this paper, we might be able to start with data for the first half of 2009 or we might have to await the data for the second half of 2009.''


    For info - expected movers and shakers.... from 2007/2008 annual review

    FOS had 39263 complaints lodged with it regarding current accounts.

    credit cards 14,123

    payment protection insurance (PPI) 10,652

    Unsecured Loans 2,940

    19% of cases were taken to FOS by Claims companies

    in relation to activities covered since April 2007
    by our consumer credit jurisdiction – including complaints about

    consumer-credit products and services 849

    l hire purchase 212
    l debt collecting 179
    l point-of-sale loans 167
    l store cards 110
    l catalogue shopping 40
    Last edited by Amethyst; 26th May 2009, 21:45:PM.
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

  • #2
    Re: FOS annual report 2008/2009

    Ombudsman backs 57% of complaints


    Credit cards have been a growing source of vexation

    More than half of those who complained to the Financial Ombudsman Service (FOS) in the last financial year won some compensation.
    The FOS annual report said there was a 14% increase in the number of disputes it decided, at a record of 114,000.
    Of these, 57% went in favour of the complainant, a far higher proportion than in the past.
    The topics producing more complaints were credit cards, payment protection insurance, loans and consumer credit.
    Sir Christopher Kelly, chairman of the Ombudsman service, said the recession was producing many more disputes.
    "For us, it has involved dealing with a significant increase in the number of complaints arising from the impact of the worsening financial climate," he said.
    "As businesses tighten their belts - and the credit crunch leads to increased financial difficulty for many consumers - we are gearing up to deal with further volatility in complaint volumes," he added.
    Credit cards
    The financial ombudsman exists to sort out disputes between financial services firms and their customers if a complaint to the firm cannot resolve the issue first.
    Almost all the credit-card companies subsequently chose to settle the complaints that had been brought against them, rather than have our investigation continue


    Ombudsman's report

    The report highlights the increased number of complaints about credit cards - nearly 19,000.
    The 32% rise was partly because of default charges applied where someone had to pay extra for missing a repayment date or spending over their limit.
    But the rise in card complaints was also driven by more borrowers being aggrieved that their card company had suddenly increased their interest rate, in some cases by as much as 10 percentage points.
    "As part of our investigation into these complaints, we issued questionnaires to the credit-card companies involved, to obtain information about - among other things - the actual assessments of risk that had been carried out in relation to these customers, and how the new rates had been calculated," the Ombudsman reported.
    "Almost all the credit-card companies subsequently chose to settle the complaints that had been brought against them, rather than have our investigation continue," it reported.
    Overall, there was a particularly high success rate for people who complained to the Ombudsman about either their credit card issuer or about payment protection insurance.
    More to come
    The Ombudsman's annual report shows that the overall number of new complaints which arrived during the year rose 4% to a new record of 127,471.
    NEW COMPLAINTS MADE IN 2008-09 TO FINANCIAL OMBUDSMAN
    Credit cards - 18,590, up 32%
    Current accounts - 13,682, down 65%
    Mortgage endowments - 5,798, down 58%
    PPI - 31,066, up 191%

    The six biggest financial services groups, the Ombudsman said, generated half of all the disputes his organisation received.
    The 2008-09 year saw an 11% rise in new complaints about mortgages, particularly about the handling of arrears.
    Disputes about mortgage endowment policies continued to fall and were down by more than half on the year before.
    Complaints about current accounts dropped by two-thirds because of the continuing High Court test case on overdraft fees and the freeze on new claims.
    However, complaints about payment protection insurance nearly tripled, to just over 31,000.
    Nearly all the PPI cases, 89%, were found in favour of the customer.
    The future sale of the policies will now be severely restricted, following recent decisions by the Financial Services Authority and the Competition Commission.
    But the Ombudsman's report commented that "there is still a widespread problem involving businesses rejecting complaints that they know, or should know, we will uphold".
    "This only adds to the inconvenience suffered by consumers," it added.
    Last month the Ombudsman, Walter Merricks, complained that some firms were cynically trying to stop dissatisfied customers taking their complaints further by being deliberately unhelpful.
    #staysafestayhome

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    • #3
      Re: FOS annual report 2008/2009

      still not up on FOS site - guess the embargo was midnight lol.

      Movers and shakers
      Credit cards - 18,590, up 32%
      Current accounts - 13,682, down 65%
      Mortgage endowments - 5,798, down 58%
      PPI - 31,066, up 191% (of which 89% were settled in favour of consumer!)



      also minutes of meeting held in march > http://www.fos.org.uk/about/board-minutes-mar09.pdf

      The FSA was taking further actions on past sales in relation to a limited number of firms. Although this initiative would only deal with 20% of the Service’s PPI caseload, it was hoped that the guidance that was being prepared would enable other firms to deal with complaints fairly.
      c) Wider implications
      There was a discussion about the referral of PPI complaints under the wider implications process from both the FSA and the Service’s points of view. Work was under way at the FSA which was designed to stem the flow of new cases whilst finding a way of resolving outstanding complaints.
      The chairman confirmed that the Service shared the FSA’s objective of reducing the volume of complaints but, in the meantime, the Service would continue to plan for a high workload.
      Last edited by Amethyst; 26th May 2009, 23:37:PM.
      #staysafestayhome

      Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

      Received a Court Claim? Read >>>>> First Steps

      Comment


      • #4
        Re: FOS annual report 2008/2009

        Here we are... AT LAST lol

        annual review 2008/09

        PDF Copy of it http://www.financial-ombudsman.org.u.../ar09/ar09.pdf
        #staysafestayhome

        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

        Received a Court Claim? Read >>>>> First Steps

        Comment


        • #5
          Re: FOS annual report 2008/2009

          Consumers receive ombudsman boost
          #staysafestayhome

          Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

          Received a Court Claim? Read >>>>> First Steps

          Comment

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