OBSI has released its 2015 Annual Report. Overall complaint volumes remained stable; however, banking-related complaints increased and investment-related complaints decreased, continuing a trend of the past two years.
Highlights
Investments
- Suitability of investment or advice continues to be the most common complaint issue.
- 14% decline in opened cases (298 in 2015 vs. 345 in 2014)
- Backlog of cases which accumulated following the financial crisis was eliminated in the first half of 2015.
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- Top five issues: suitability of investment or advice, poor product disclosure, fee disclosure, client instructions not followed, and service, continuing last year’s trends.
There were four refusals to compensate in 2015.
Banking Services
- 21% increase in opened cases (273 in 2015 vs. 225 in 2014)
- Top five issues were fraud, account collections, mortgage prepayment penalties, service, and relationship ended (i.e., account closures).
- Debt and credit card products were the source of many complaints, accounting for 60% of fraud-related issues.
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