The Financial Ombudsman Service Annual Review 2010-2011 highlights the areas it has received complaints about and systemic issues it has identified.
Complaints against FOS financial service provider members covered:
- Credit
- General insurance
- Investment
- Payment system
- Deposit taking
- Life insurance
- Financial difficulty
- Legal proceedings
- Natural disaster
Common problems included:
- Application of incorrect interest rate
- Cancellation of policies in error
- Error in credit listings
- The methodology and disclosure of break costs on fixed interest loans
- Errors in credit listings and inaccurate credit file enquiries
- Claim-handling processes and policy interpretation
- Policies for dealing with customers in financial difficulty
- Internet payment errors
