The Financial Ombudsman Service said it is putting steps in place to ensure it can resolve motor finance commission gripes ‘as quickly as possible’.
The Financial Ombudsman Service (FOS) reports a significant increase in complaints, particularly regarding motor finance commission arrangements, where consumers feel uninformed about dealers receiving commission. The FCA is reviewing these practices, allowing firms more time to address complaints. The most complained-about products include hire purchase for motor vehicles, car insurance, and conditional sale. Fraud and scams drive current account complaints, while unaffordable lending is a key issue for credit cards. The FOS advises businesses to consider the FCA's temporary rules.
