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Financial complaints rise as high-earners feel the squeeze

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‘Few people are immune’ from the effects of the economic crisis, says the Financial Ombudsman Service as it sees record numbers of complaints from high earners.

The proportion of high earners referring unresolved complaints to the service almost doubled last year, as doctors, lawyers, accountants and even financial consultants are ‘sounding the alram’ over the state of their finances. 

The total number of complaints the service received in 2012-13 is likely to be more than 450,000, with an estimated 171,000, or 38%, coming from high earners, the Times reported. This figure is up from an estimated 90,000, or 34%, in 2011-12.

The FOS, which is set to publish its figures this week, will say that high earners have increasingly turned to ultra-high interest payday loans, from companies such as Wonga.com, to try to fill holes in their finances. It said mortgages were the most noticeable area of concern.

Natalie Ceeney, chief executive of FOS, said: “The fact that more people in the managerial or professional demographic are seeking our help – or telling us they are struggling – only emphasises that few people are immune from [the] effects of the economic crisis.”

Complaints made to financial services businesses are referred to the FOS if a resolution cannot be found.