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Mortgage complaints fall 22% year-on-year reports FOS

Paula John
Written By:
Paula John
Posted:
Updated:
27/02/2024

 

The number of new mortgage complaints received by the Financial Ombudsman Service in quarter three, the period of October to December last year, dropped by 22% year-on-year, its statistical update revealed.

During Q3 2013/2014, the financial arbiter upheld 33% of complaints which reached the Ombudsman for a final decision, compared to 32% of complaints found in favour of the consumer in Q3 2013.

In total, consumers referred 74,357 new complaints about financial business to the FOS in the last three months of 2014, 48,516 of these were about Payment Protection Insurance (PPI).

PPI accounted for 66% of all complaints received in the period and of the remaining 34% of complaints received about other financial products, mortgages represented 3%.

While PPI retained its top spot as the most complained about product, with around 4,000 new complaints being received each week, bank accounts and mortgages came next as the most complained about products.

Year-on-year complaints received by the FOS about payday loans increased 12% from 218 cases received in October to December 2013 compared to 245 cases for the same period in 2014.


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