Financial Ombudsman receives record complaints

Complaints made to the FOS have increased sharply. More consumers are choosing to complain about their poor treatment by financial institutions to an independent body that settles disagreements on their behalf. The Financial Ombudsman Service (FOS) investigated complaints from over 200,000 consumers last year about banks, investment companies and insurance firms. The figures in the FOS's annual report highlight that a record number of disputes were made to the independent body, which is responsible for settling monetary grievances between consumers and businesses. About 4,000 inquiries a day were received by the service, equating to about 1 million over the course of the whole year.