16/02/2012

Financial Ombudsman Receives Over 7,000 Complaints

The Financial Services Ombudsman has reported some 7,300 complaints during 2011, with the insurance sector being the most complained about industry.

According to the Ombudsman's bi-annual review, the insurance sector attracted some 47% of the complaints with Payment Protection and Mortage Protection complaints accounting for 18% of the sector's total.

Meanwhile, the total number of complaints had levelled off after a number of years of record increases.

He said this showed the continued pressures faced by consumers, particularly in mortgages.

Over 40% of complaints against banks were linked to mortgages, while more than a fifth of insurance complaints were about payment protection or mortgage protection policies.

A 6% increase in complaints about investment products in the second half of

2011 was also reported in the bi-annual review.

(DW)

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