SME and travel insurance complaints on the rise

The Financial Ombudsman Service received 68,735 new complaints in Q2 2020/21, up by 20% on the same period last year.

Releasing the figures for complaints received between July and September this year, the FOS said: “We’ve seen a significant increase in complaints about travel insurance, business protection insurance and in complaints from small and medium-sized enterprises (SMEs) about financial businesses in relation to the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS). In this quarter, we’ve begun to resolve some of these complaints.”

The FOS said its complaint uphold rate was 32%, which was the same as the previous quarter but four percentage points lower than Q2 2019/20.

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