Payday loans and PPI head list as financial services complaints quadrupleJul 27, 2019
COMPLAINTS about financial services from people in Milton Keynes have quadrupled since 2016, according to new figures from the Financial Ombudsman Service.
They show that in the financial year 2018-2019 the service received over 1,600 complaints about financial services from people in the Milton Keynes area – an increase from 356 complaints in the financial year 2016-2017.
Complaints about payday loans have more than doubled in the past year, while PPI continues to be the most complained-about financial product.
Current accounts, motor insurance and credit card accounts all saw increases in complaints from people in the area.
Anna Whitelock, policy and communications manager at the Financial Ombudsman Service, said: “Complaints from people in Milton Keynes about financial services are increasing year on year. Last year we saw a particularly sharp rise in complaints about payday lenders, and the behaviour we’ve seen from some businesses just isn’t good enough.
“Our message to consumers is, if you have a problem with a financial service, you can come to us in confidence and we will work with you and with the business to resolve the issue.”
TheFinancial Ombudsman Service yesterday (Friday) hosted an event for financial businesses in Milton Keynes on dealing with complaints effectively and on the ombudsman service’s approach to dealing with financial disputes.