People who take complaints against banks and insurers to the Financial Ombudsman Service are having to wait as long as two years for a decision, it has emerged. Several readers have expressed disquiet about the time it is taking to navigate some complaints through the FOS. A few report waits of more than two years.

I have expressed concern about this to FOS, which tells me that it is currently receiving a record number of cases. It expects the number to amount to more than 170,000 by the end of this financial year.

Many relate to payment protection insurance (PPI) where the British Bankers’ Association’s legal challenge on behalf of the industry to the Financial Services Authority (FSA), the regulator, and the FOS is ongoing.

Of the rest, the FOS said it was resolving 51pc within three months and 75pc within six. It added that the number of cases being referred beyond the adjudicator stage to an ombudsman for a final decision had doubled from 10pc to 20pc in some areas. This extends the time it takes to....Read more HERE