In the first quarter of 2018, the ombudsman reported a 26 percent year-on-year increase in complaints.
The Financial Ombudsman Service (FOS) has published its first quarter statistics for 2018/2019. From April to the end of June this year, the British Ombudsman received a notable uptick in new inquiries and complaints.
Each quarter, the FOS publishes an update on the financial products and services consumers have contacted them about. In the report, the number of new inquiries and complaints the ombudsman receives plus the number of complaints that were settled in the consumer’s favor are included.
In the first quarter, the FOS received 183,199 inquiries. This is up by around 26 percent from the same period last year, which saw 135,779 inquiries. New complaints were also up this year, increasing by 25 percent or 27,593 new complaints to reach 107,827.
The number of complaints passed also increased in the first quarter. In Q1 of 2018, the number of complaints passed was 11, 371. When compared to the first quarter of last year, this is an increase of 26 percent.
Overall, the percentage of cases upheld during the first quarter of the 2018/2019 year, was 35 percent. This is the same portion of cases upheld in the same period last year.
Payment Protection Insurance Complaints to the Fos Dominate in Q1
Out of all the financial products, payment protection insurance (PPI) was the most complained-about financial product. In the first quarter, the FOS received 55,223 new complaints about PPI. This was 54 percent of the total complaints received by the ombudsman.
Payday loans saw the second largest volume of complaints, coming in at 14,799. From the total volume of complaints, this made up 21 percent. Current accounts had the third-highest number of complaints, taking up 13 percent of the total volume.
The Changing Tactics of Scammers
Not only did the financial ombudsman experience an uptick in complaints from investors in the United Kingdom, but it also noticed a change in tactics from scammers.
In a statement which accompanied the figures, the Chief Ombudsman, Caroline Wayman, said: “it was only relatively recently, in 2015, that we shared our insight into banking complaints involving phone fraud. Back then, it seemed the fact older people were more likely to use landlines meant they were particularly at risk of “no hang up” scams."
“Today, it’s often loopholes in new technologies, rather than in old ones, that fraudsters are using to their advantage. Your first step toward being scammed may be putting your details into an identical, but fake banking website – or responding to a text message that, on the face of it, looks like it’s from your bank.”
The Financial Ombudsman Service (FOS) has published its first quarter statistics for 2018/2019. From April to the end of June this year, the British Ombudsman received a notable uptick in new inquiries and complaints.
Each quarter, the FOS publishes an update on the financial products and services consumers have contacted them about. In the report, the number of new inquiries and complaints the ombudsman receives plus the number of complaints that were settled in the consumer’s favor are included.
In the first quarter, the FOS received 183,199 inquiries. This is up by around 26 percent from the same period last year, which saw 135,779 inquiries. New complaints were also up this year, increasing by 25 percent or 27,593 new complaints to reach 107,827.
The number of complaints passed also increased in the first quarter. In Q1 of 2018, the number of complaints passed was 11, 371. When compared to the first quarter of last year, this is an increase of 26 percent.
Overall, the percentage of cases upheld during the first quarter of the 2018/2019 year, was 35 percent. This is the same portion of cases upheld in the same period last year.
Payment Protection Insurance Complaints to the Fos Dominate in Q1
Out of all the financial products, payment protection insurance (PPI) was the most complained-about financial product. In the first quarter, the FOS received 55,223 new complaints about PPI. This was 54 percent of the total complaints received by the ombudsman.
Payday loans saw the second largest volume of complaints, coming in at 14,799. From the total volume of complaints, this made up 21 percent. Current accounts had the third-highest number of complaints, taking up 13 percent of the total volume.
The Changing Tactics of Scammers
Not only did the financial ombudsman experience an uptick in complaints from investors in the United Kingdom, but it also noticed a change in tactics from scammers.
In a statement which accompanied the figures, the Chief Ombudsman, Caroline Wayman, said: “it was only relatively recently, in 2015, that we shared our insight into banking complaints involving phone fraud. Back then, it seemed the fact older people were more likely to use landlines meant they were particularly at risk of “no hang up” scams."
“Today, it’s often loopholes in new technologies, rather than in old ones, that fraudsters are using to their advantage. Your first step toward being scammed may be putting your details into an identical, but fake banking website – or responding to a text message that, on the face of it, looks like it’s from your bank.”
TradeStation and Coincheck Drive Monex's 850% Profit Surge
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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