There’s been a 50% increase in complaints to the Financial Ombudsman Service year-on-year.
This comes at a time when Chancellor Rachel Reeves has called for reforms of the service, saying it needs to have a “more proportionate approach” to reimbursing customers.
Rocio Concha, Which? director of policy and advocacy, said: “These figures are of huge concern and reinforce the critical role the Financial Ombudsman Service plays in providing consumers with effective redress – at a time when sections of the industry are attempting to reform the Ombudsman’s role.
“The rise in complaints about fraud is particularly concerning and some suggest that some banks and payment providers are not treating customers fairly.
“Consumers that invest in cryptocurrencies should know they are putting money in unregulated schemes and could lose all their money should something go wrong.”
