UK Banking Complaints Surge 70% on Credit Cards, Car Finance.

Complaints from bank customers in the UK regarding financial products increased by 70% in the last quarter compared to the previous year, with credit cards and car loans being the main sources of disputes, according to the Financial Ombudsman Service. The rise in complaints is concerning, especially given the cost-of-living crisis, said Abby Thomas, the chief executive and chief ombudsman of the FOS. The Financial Conduct Authority has warned motor finance firms to prepare for additional costs as it reviews car finance products, and the FCA and Payment Systems Regulator are also investigating the sale of insurance products and rising fraud claims, respectively. The ombudsman encourages consumers to bring their complaints directly to the FOS, as using professional representatives does not necessarily lead to a more favorable outcome. The FOS is considering implementing a case fee for professional representatives to help cover its costs. [Extracted from the article]