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".
The Notebook: What a house fire can teach the FCA about consumer duty breaches May 1, 2024 Lucy McNulty takes the Notebook pen to discuss the consumer duty, John Lewis' new interview process and a podcast recommendation.
Business ‘debanking’ complaints nearly double in a year as MPs warn of ‘unfair’ account closures April 22, 2024 The number of official complaints over business "debanking" has almost doubled in the last year, new figures show, as MPs accuse lenders of "unfairly" closing customers' accounts.