The Financial Ombudsman Service has published its quarterly complaints data this Wednesday, revealing an uptick in the number of complaints it received concerning contracts for differences (CFDs).
In the first three months of this financial year, which spans from the 1st of April 2020 until the 30th of June this year, the ombudsman service reported 58 new cases regarding CFDs and 41 enquiries during the three month period.
When it comes to rolling , the number of new cases and enquiries were less than CFDs, with both criteria seeing less than 10 cases for the quarter.
Financial Ombudsman Service received 25 spread betting complaints
For spread betting, the Financial Ombudsman Service received 25 enquiries during the three month period ending on the 30th of June 2020. From these enquiries, 21 new cases were formed.
According to data seen by Finance Magnates, the ombudsman also received a number of new enquiries regarding exchange-traded funds. Specifically, the service received 30 new enquiries. However, less than 10 new cases were started during the first quarter.
For the first quarter of the financial year, payment protection insurance (PPI) remained the most complained about product, the Financial Ombudsman Service said in its statement today.
“PPI continues to be our most complained-about product, although we received around half the complaints we expected to see during this period, and 39% fewer complaints compared to the previous quarter. When the Covid-19 pandemic hit, financial businesses had to focus their resources where they were most needed, meaning that they’re still working through the millions of customer complaints received following the PPI deadline in August 2019,” the Financial Ombudsman Service said.
In the first quarter, the ombudsman received 12 new enquiries relating to corporate bonds. Despite receiving only 12 enquiries, 31 new cases were launched during the period. For mini-bonds, however, less than 10 enquiries were submitted to the service, and there were less than 10 cases during the quarter.
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