Financial Ombudsman Service reveals complaints figures

The Financial Ombudsman Service has announced that it has received more than 3,500 complaints related to COVID-19.
The ombudsman service revealed that almost a quarter of these complaints are from consumers who have had travel plans disrupted and had travel insurance claims declined by the insurer.

About 200 complaints have also been received about claims to banks made under Section 75 of the Consumer Credit Act 1974 from consumers who want their money refunded by their credit provider for cancelled holidays, sport fixtures and concerts that either were cancelled or have been cancelled.
The latest figures showed that the ombudsman service has already received more complaints from small businesses this year than it received in the whole of the last financial year, with the increase driven largely by complaints about business interruption insurance and COVID-19 related loan schemes.

Financial Ombudsman Service chief executive, Caroline Wayman, said: “COVID-19 has had a huge impact on virtually all elements of our lives, including our finances. Since measures to control the virus in the UK were put in place, we’ve been hearing from people who aren’t happy with how their financial provider has treated them.
“We also know that financial businesses themselves have been impacted in their ability to process claims and complaints, and we’ve seen that many have adapted well. However, some financial businesses must continue to do more to ensure they are treating their customers fairly.

“If anyone isn’t happy with how their complaint about a financial provider has been dealt with, they can come to our service and we’ll see if we can help.”

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