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The Latest Breaking News from the Financial Ombudsman Service

Pension ‘megafunds’ will boost growth and reward British savers – Reeves

In her first Mansion House speech as Chancellor, Rachel Reeves announced plans for megafunds which she said could unlock £80 billion for investment.

The Independent UK

Rachel Reeves vows to rip up financial red tape and create pension ‘megafunds’ in first Mansion House speech

In her first Mansion House speech as Chancellor, Rachel Reeves announced plans for megafunds which she said could unlock £80 billion for investment

Evening Standard

UK’s financial ombudsman ‘misleads consumers it is supposed to help’

University researchers have accused the service of overstating the number of cases it has upheld in favour of the people who complain to it

The Guardian - UK

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Ombudsman highlights credit rule myths that could stop people getting a refund

The Financial Ombudsman Service has said several misunderstandings exist around how Section 75 of the Consumer Credit Act works.

Evening Standard

Car modification pitfalls can leave owners thousands out of pocket – ombudsman

Vehicle owners have been left to pay big sums because they have unknowingly invalidated their car insurance, the Financial Ombudsman Service warned.

The Independent UK

Fraud and scam complaints hit highest level recorded by ombudsman service

The Financial Ombudsman Service said it is receiving, plus resolving, a total of about 500 fraud and scam complaints per week typically.

The Independent UK

70% surge in complaints about financial products recorded by ombudsman

Credit cards were the most complained-about product between April and June, the Financial Ombudsman Service said.

The Independent UK

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Consumer duty already having ‘tangible impact’ on customer outcomes

Financial Conduct Authority boss Sheldon Mills was speaking a year after the launch of the measure to improve consumer protection standards.

The Independent UK

Banking complaints reach highest level in a decade as current account gripes soar

Consumers brought 24,402 credit card complaints, mostly due to perceptions around unaffordable or irresponsible lending

The Independent UK

New charges for claims management firms proposed by financial ombudsman

The proposals to charge claims managers up to £250 reflect a fairer allocation of costs, the Financial Ombudsman Service said.

The Independent UK

‘Unfair banking’ and ‘damaging’ financial rules harming UK’s small firms, MPs warn

Treasury committee says ‘debanking’ and use of personal guarantees for loans is putting small businesses at risk

The Guardian - UK

Starling bank refused a £10,000 scam refund for my grieving, ill husband

The scammers struck two days before he was due to have major heart surgery, and in the midst of grieving for our daughter, who was murdered overseas

The Guardian - UK

What to do when you think you have been scammed

Speed is of the essence, so here are some steps to follow if you suspect fraud

The Guardian - UK

Motor and buildings insurance complaints to ombudsman hit five-year high

From April to June, the Financial Ombudsman Service received 3,869 complaints about car and motorcycle insurance and 1,776 buildings cover cases.

The Independent UK

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Evening Standard

NatWest boss Dame Alison Rose quits after admitting Nigel Farage leak to BBC

An emergency board meeting was called late on Tuesday, with the announcement of Dame Alison Rose’s resignation a few hours later

The Independent UK

NatWest boss Alison Rose quits after admitting Farage leak to BBC

Nigel Farage says the entire NatWest Board ‘needs to go’ following Dame Alison Rose’s resignation

The Independent UK

What are the rules on bank account closures and what rights do people have?

The UK’s banking rules have come under scrutiny after Nigel Farage accused Coutts of closing his account unfairly.

The Independent UK

Jump in complex scam cases seen by Financial Ombudsman Service

Around half of fraud and scam complaints to the ombudsman in 2022/23 were about authorised push payment scams.

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Daily Record

Top five most complained-about financial products or services during the last year

More than 26,000 people complained about their current account in the last 12 months.

The Independent UK

Most complained-about financial products revealed by ombudsman service

Just over a third of complaints dealt with by the Financial Ombudsman Service in the 2022/23 financial year were upheld in consumers’ favour.

The Guardian - UK

UK bank overdrafts: ‘I received £8,000 after I complained’

People struggling with debt could get redress if their bank failed to make the right affordability checks

Birmingham Post

Pensions provider Gaudi bought out of administration

The sale came after financial authorities received complaints related to some of the Wiltshire-based firm's Self-Invested Personal Pensions

The Guardian - UK

Is car finance the next PPI? Claims management firms cause concern

Drivers could be missing out on full compensation amid rise of third-party firms submitting claims

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