In the year to April, 44,244 complaints were received over packaged accounts, over double the number of complaints received in the year previous
According to the Financial Ombudsman, packaged accounts, which received 21,348 complaints in the previous financial year, are one of the fastest growing sources of complaints.
Of the UK’s 62 million live current accounts, approximately 14% are paid for with charges ranging anywhere upwards of £3 a month. However, only 14% of complaints concerning packaged accounts were held up in the customers favour.
On average, a packaged account costs £15 a month or £180 over the year. There are nine million packaged accounts in the UK and the market is worth £1.6bn.
The biggest increase in complaints was for payday loans, rising by 178% to hit 3,216 complaints.
Once again, PPI remained the most complained about product with the Financial Ombudsman Service still receiving up to 4,000 PPI cases a week. While the number of complaints has dropped in comparison to 2014-2015, they still total a whopping 188,700 complaints.