Complaints to the Financial Ombudsman Service (FOS) increased by 33% last financial year, the organization said yesterday.
The FOS, which provides free complaints resolution services to consumers on behalf of its financial services provider members, said that investment disputes increased by 68% and credit disputes rose by 36%.
Chief ombudman Colin Neave said the global financial crisis had had a significant impact on people’s lives and finances.
“Many consumers are experiencing anxiety about their investments or have found themselves in financial difficulty or hardship,” he said.
Neave said the FOS had increased its resources to cope with the added complaints, and its members have agreed to continue attempts to speed up conflict resolution processes.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.