Monday, February 27, 2017 - Posted by Michael McCulloch
The Financial Ombudsman Service
("FOS") has released their October to December 2016 quarter statistics.
A total of 9,604 disputes were received during this period which is a decrease of 1% compared with the last quarter and a 26% increase compared with the same quarter last year.
Disputes Received by Product Line
41% of disputes received in the October to December 2016 quarter were credit related. 31% of disputes related to general insurance.
5,580 disputes were received for the October to December 2016 quarter. This was a 4% reduction compared with the last quarter and a 9% increase compared to the same quarter in 2015.
Credit and insurance disputes accounted for the majority of accepted disputes (40% and 37% respectively).
Disputes Closed by Outcome
A total of 9,820 disputes were closed during this quarter (the highest number of disputes closed in a quarter in the last 3 years).
Almost 60% of disputes were resolved through an agreement between the FSP and the consumer compared to last quarter(2% decrease). Of those closed disputes 16% were outside of FOS's jurisdiction and 10% due to the consumer not pursuing the dispute.