FOS sets record for closing disputes
The Financial Ombudsman Service (FOS) closed 9785 disputes in the April-June quarter – setting a new record for any three-month period.
The figure was up 12% on the previous quarter and 32% on April-June last year.
General insurance products and services disputes made up 2572, or 28%, of the total received by FOS – second only to credit disputes at 50%.
About 64% of closed disputes were resolved between the financial services provider and the consumer, with only 8% needing a FOS decision.
Total disputes across the financial services sector were down 7% on the first quarter of this year but up 7% on April-June last year.
FOS is seeking opinions on the way it deals with disputes, including the usefulness of issues letters – correspondence that clarifies concerns raised by both parties. Its survey can be completed online and will close on Sunday.