Financial Ombudsman Service: Young people less likely to bring disputes

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Financial Ombudsman Service: Young people less likely to bring disputes

Fri 8th Aug 2008

Young people are less likely to bring disputes to the Financial Ombudsman Service, the organisation has revealed.

The service says people in this age group tend to have less of a range of investments, savings and pensions than those in older age groups and that their financial products tend to be more straightforward.

According to the Ombudsman service, pension and investment disputes are mostly from people over 50 and mortgage complaints from the over 35s, which it says reflects the fact that first-time buyers are older than they have been.

Case studies of younger people’s complaints were released.

One student whose bank failed to contact her in Germany to warn her to reduce her overdraft had her complaint upheld.

Another student who got into debt when gambling on his new credit card did not have his complaint upheld.

The Financial Ombudsman Service is free to consumers and is an independent, impartial organisation to settle disputes between customers and financial service providers.

Consumers do not need to accept its decisions and may still go to court, but acceptance of its findings binds them and the service company.

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