Complaints Against Financial Services Hit Five-Year High

Law360, London (May 15, 2019, 2:16 PM BST) -- Complaints against financial services companies have hit a five-year high, the industry’s adjudicator reported on Wednesday, with a huge spike in criticism about so-called payday lenders being blamed for the rise.

The Financial Ombudsman Service, which arbitrates in disputes between banks and consumers, received 388,000 complaints over the 12 months to March, the biggest annual total in five years.

“This marks a five-year high in the number of complaints that consumers have brought to us, and the behavior we've seen from some businesses is simply not good enough,” Chief Ombudsman Caroline Wayman said. "While we do see examples of businesses responding...

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