The Financial Ombudsman Service is predicting an 18% rise in complaints over this year.
he statistic is indicative that the public feels the banks are systematically cheating them with their excessive bank charges, compulsory payment protection insurance, APR hikes, non payouts on life and critical illness insurance and unfair loan agreements.
The FOS told the Tax Incentives Savings Association conference in London that it expects to take on 150,000 new cases in 2009/10 jumping from 127,471 last year. It is budgeting for complaints about investments and pensions to increase to 35,000 next year from 22,265.
It is believed that inquiries will increase to 975,000 from 790,000 last year. An increase of 18%.
Complaints about mortgages and cancelled insurance policies would fuel some of this rise in cases, he said. The ombudsman also expects the number of cases it resolves to increase to 165,000 cases from 113,000 last year.
Niall Jeewoonarain an FOS external relationship manager said that outsourcing adjudication of payment protection insurance complaints to accountants Deloitte would help the ombudsman to close more cases.