Have you a complaint about a financial business?
During the 2014/15 financial year 805 people living in Scunthorpe contacted the Financial Ombudsman Service (FOS), the free service set up by law with the power to sort out problems between consumers and financial businesses.
Of these 560 complaints were identified as requiring investigation and were taken up by the service with around 53% of complaints from Scunthorpe being decided in favour of the consumer. In these cases the FOS found that businesses had not treated the consumer fairly and they were told to pay some form of compensation.
The top 5 most complained about products from people living in Scunthorpe were: PPI, Packaged bank accounts, Motor insurance, House mortgages’ Overdrafts and loans.
Whilst there was a decline in the overall number of cases from people in the constituency over the last year, this was primarily down to the number of PPI cases levelling off from an all-time high of over 10,000 cases a week.
Whilst it’s good to know that many people in Scunthorpe know where to turn if faced with a financial problem, it’s those people who don’t know about the FOS who probably need it the most.
If you’d like more information about the role of the Financial Ombudsman Service and whether it can help you, you can find the website at: http://www.financial-ombudsman.org.uk