City regulators look to ‘modernise’ redress payouts after slew of scandals The Financial Ombudsman Service and the City watchdog are seeking to modernise the redress framework with a 'call for imput' from stakeholders
UK banking complaints nearly double amid credit card and motor finance woes Banking Official UK banking complaints almost doubled in the first half of 2024 as consumers hit out against firms' handling of credit cards and motor finance.
Revolut to join UK bank fraud helpline after surge in complaints Banking Revolut is among three new firms signing up to the banking industry’s answer to 999 after it emerged that it had outstripped all the UK's major banks in official fraud complaints.
UK lenders must do more to support people in debt, ombudsman chief says September 19, 2024 The head of the UK's financial ombudsman has urged lenders to do more to help consumers struggling with debt after a surge in official complaints.
Surge in ombudsman complaints deepens row over UK’s fraud refund scheme September 4, 2024 Fraud-related complaints to the UK's financial ombudsman have hit their highest level since at least early 2018, adding pressure on payment firms contesting a scheme set to force them to reimburse scam victims from next month.
City watchdog’s motor finance review drives up official complaints August 29, 2024 A review by the City regulator into now-banned commission arrangements on car loans has contributed to a surge in official complaints to the UK's financial ombudsman in recent months.
One year on, is the consumer duty helping or hindering the City? July 31, 2024 Today, the consumer duty’s final deadline comes into force. The set of regulations implemented by the Financial Conduct Authority a year ago has finally been set in stone for so-called closed products, with all financial services companies now forced to "put their customers' needs first.
UK banking complaints hit 10-year high amid surge in third-party claims July 12, 2024 Official UK banking complaints have hit their highest level in a decade, partly driven by claims management companies that the financial ombudsman is trying to clamp down on.
Motor finance test cases against Close Brothers and Firstrand head to Court of Appeal July 2, 2024 A test case containing three cases relating to motor finance commission will be heard at the Court of Appeal this week.
Banks drive finance complaints up by a fifth as ‘unaffordable’ credit cards slammed May 1, 2024 Issues with banking and credit cards drove official finance complaints up nearly a fifth in the second half of last year, new figures show, as customers were hit by fraud and "unaffordable and irresponsible lending".