The power to settle financial complaints.
The power to settle financial complaints.
4 July 2006
The Financial Ombudsman Service - the impartial organisation that settles disputes between businesses providing financial services and their customers - today publishes its annual review for 2005/06. The review shows that during the year the service:
Commenting on these figures, chief ombudsman Walter Merricks said:
Among the many trends, developments and statistics in the review, there are two events of particular significance. First, we appear at last to be seeing some signs of a levelling-off of the exceptionally high volumes of mortgage endowment complaints that have dominated our workload in recent years. Second, we succeeded during the year in settling a record number of disputes – a third more than in the previous year and more than double the number resolved three years ago. In part, this achievement reflects our investment in resources, processes and planning. But more particularly it reflects the continued hard work and commitment of our staff that – together with our stakeholders’ goodwill and support – underpins the public service we provide.
The Financial Ombudsman Service was set up by law to help consumers settle unresolved disputes with insurance and investment firms, financial advisers, banks and building societies. Complaints covered by the ombudsman service range from travel insurance and pension plans to mortgages and savings accounts. The Financial Ombudsman Service can step in to help resolve disputes where the consumer has already complained to the financial services business and remains dissatisfied. Consumers with an unresolved complaint can get in touch with the ombudsman service on 0845 080 1800.