Suitability issues most common complaint: OBSI

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.

Read: OBSI defies common sense

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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