The temporary measure was developed to respond to the Covid-19 pandemic as government also announces a review to ensure outcomes are good for consumers.
The government has said it will end a trade credit backstop that has provided £210 billion ($300 billion) of insurance to businesses in Britain during the COVID-19 pandemic against the risk of widespread insolvencies.
Complaints about financial firms up 60%, says ombudsman May 26, 2021, 12:04 am
The service also received more than 18,000 complaints from victims of fraud and scams (Dominic Lipinski/PA)
Complaints about financial firms have surged by nearly 60% in the past year, excluding PPI cases, according to the ombudsman service.
Gripes about banking products, such as current accounts, and complaints about unaffordable loans were behind the big upswing.
The Financial Ombudsman Service (FOS), which resolves disputes when consumers and firms cannot agree, said the overall number of new complaints received increased by 2% annually in the financial year 2020/21 to 278,033.
But when PPI (payment protection insurance) was excluded from the total, there was a 58% increase in the volume of complaints received.
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