The Financial Ombudsman Service (FOS) has released names of financial services companies who have received the most consumer complaints against them. Many complaints seem to focus on housing finance, consumer loans, managed investments, car insurance and travel insurance.
However the FOS report has been highly contentious as many of those named and shamed have disputed how the numbers have been reported. It appears the FOS process is still refining itself. It does show that, generally speaking, smaller financial providers tend to have more disputes in proportion to their size than larger businesses.
This is the first time the FOS has actually released names. Prior to the recent report the FOS, which covers banking, life insurance and investment disputes, only reported statistics of type of complaints received, case studies of complaints and the outcomes. The new tables, including named companies, have been added to the Ombudsman 2009-10 annual review. It covers the first six months of 2010.
Sourced and edited from the article in the Sydney Morning Herald.
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