Financial scam complaints soar as Ombudsman admits victims wait 271 days for decisions

Financial scam complaints soar as Ombudsman admits victims wait 271 days for decisions

Britain’s complaints handling service is battling to deal with a surge in complaints about fraud and scams, as the full extent of the financial crime wave is laid bare.

The Financial Ombudsman Service (FOS) – which arbitrates in disputes between City firms and consumers –  has received received a fifth more complaints in this area during the current financial year than last year.

Responding to a letter from the Treasury committee, chief executive Caroline Wayman said the FOS has received 10,000 new cases so far in 2018-19, up from 8,500 over the entire 2017-18 financial year.

The figures include chip and PIN complaints, cash not received from ATMs, identity theft and online transfers. One in…

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