The latest figures from the FOS show complaints have increased by over 50%, with record increases in complaints about frauds and scams, current accounts and credit cards. The FOS also noted in particular an increasing number of fraud and scam complaints relating to e-money providers, many involving crypto transfers.
Most credit card complaints were around irresponsible and unaffordable lending – and 85% of credit card complaints are now brought by professional representatives. The FOS has noted its drive to a fairer fee model to address the problem of the large percentages of any redress payment these companies take from successful complaints.