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FOS Statistical Report October 2016 to December 2016

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.

Accepted Disputes

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).

Closed Disputes
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).

Disputes Closed by Outcome
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.

You can view a copy of this report online at The Financial Ombudsman Service Circular (Issue 28 - February 2017)

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