Latest figures from the Financial Ombudsman Service show that the most complained about financial products include credit cards, current accounts, mortgages and motor insurance
Complaints about financial products soared by almost a quarter between July and September 2011, according to the Financial Ombudsman Service (FOS).
The ombudsman experienced a 24% increase in complaints, excluding payment protection insurance (PPI), in the second quarter of 2011-2012, taking the total to 31,386 compared to 25,276 received in the same period of 2010-2011.
Outside of PPI complaints, which decreased from 56,025 cases in April-June 2011 to 19,259, but still accounted for 38% of the total, the ombudsman said the financial products that consumers complained about the most included credit card accounts (11.5%), current accounts (8.5%), mortgages (5.5%) and car and motorcycle insurance (4%).
Between July and September 2011 there was a 40% rise in complaints about deposits and savings, a 37% rise in mortgage complaints, a 23% rise in the number of complaints about overdrafts and loans, and a 22% increase in complaints about motor insurance.
The percentage of PPI complaints upheld in favour of the consumer increased to 92%, boosting the total number of cases in which the consumer has won to 80%. Consumers also came out on top in 76% of complaints about store cards, 96% of complaints about "structured capital-at-risk" products, and 70% of credit broking complaints.
However, the FOS only found in favour of the consumer in 17% of cases involving legal expenses insurance, 23% of "with-profits" bonds complaints, and just 1% of complaints relating to the state earnings-related pension.
A spokesman for the ombudsman service said: "Aside from PPI, there's been an increase in the number of cases we upheld in other areas, including home emergency cover, where we're upholding two in three cases, point-of-sale loans, and debt adjusting.
"Though many factors can drive complaints, it may be that in the current economic climate more consumers are experiencing financial difficulties and are more willing to pursue a complaint where previously they may not have done so."
The FOS publishes data on complaints received about individual businesses at half-yearly intervals. In September 2011 it said Lloyds Banking Group prompted more complaints in the first half of 2011 than any other financial services organisation.
Source: http://www.guardian.co.uk/money/2011/oct/18/financial-product-complaints-up-ombudsman
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