Following the publication of the FOS complaints data for 2020/21, the latest edition of Ombudsman News looks at key trends FOS has seen in a year impacted by Covid-19. Highlights include:
- Banking – banks’ operations came under pressure due to Covid-19, and this was reflected in the levels and types of complaints we saw. Where we upheld complaints, it tended to be because businesses needed to communicate more effectively. But we’ve also encouraged consumers to be pragmatic and understanding.
- Borrowing – effective responses to customers’ concerns about debt should be clear, empathetic and flexible. At the same time, businesses need to consider whether customers’ concerns about current repayments could highlight an issue with the original lending.
- Insurance – Covid-19 caused significant disruption to many aspects of consumers’ daily lives – from travelling within the UK and abroad, to weddings and special events. Over the year, we saw a 240% increase in complaints about travel and specialist insurance, where consumers had been affected by cancellations and restrictions imposed in the travel, leisure and hospitality industries.
- Investments and pensions – businesses could do more to explain to customers why the value of investments might change.