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Rise in number of financial complaints

Wed, 25 Sep 2013

There has been a 50 per cent rise in complaints made to a dispute resolution service over the past two years.

That's according to figures released by the Office of Fair Trading from the Ombudsman Annual Report.

The ombudsman scheme is a free, independent service for customers with complaints against Manx financial firms.

42 per cent of complaints were made against banks and 36 per cent against life insurance companies, covering problems such as mis-sold PPI.

Also contributing to the rise in complaints is the collapse of local investment provider, the Louis Group, which went into liquidation in December last year.

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