Complaints to the Financial Ombudsman Service about mortgages rocketed by 35% in the last year.
There were 9,537 mortgage-related complaints, compared with 7,067 in the previous year, says the FOS’s annual report covering the 12 months to the end of March.
Of the complaints, 16% were against intermediaries, down from 18% the previous year.
The annual report shows that Payment Protection Insurance is the most complained-about product ever, accounting for 60% of its workload. Altogether, there were 157,716 complaints about PPI.
In total, the FOS had 1,268,798 complaints, with one in five (264,375) escalated to disputes. The number of complaints that turned into disputes was up by 28% over the previous year.
FOS chairman Nicholas Montagu said that media coverage had made large numbers of consumers aware for the first time that they might have been mis-sold PPI policies.
He said: “We received over 150,000 of these cases during the year – the highest number we have ever received in a year about a single financial product. We are still receiving PPI complaints at the rate of over 1,000 new cases every day.”
Sarah Brooks, director of financial services at Consumer Focus, said: “PPI continues to be a thorn in the side of this industry.
“With all that has happened, consumers shouldn’t need to take their PPI claim to the Ombudsman to get their money back. Banks now need to wipe the slate clean by dealing with any claims and compensation payments quickly, efficiently and fairly.”
View news source : http://www.introducertoday.co.uk/news_features/complaints-to-ombudsman-rocket-35http://www.introducertoday.co.uk/news_features/complaints-to-ombudsman-rocket-35
There were 9,537 mortgage-related complaints, compared with 7,067 in the previous year, says the FOS’s annual report covering the 12 months to the end of March.
Of the complaints, 16% were against intermediaries, down from 18% the previous year.
The annual report shows that Payment Protection Insurance is the most complained-about product ever, accounting for 60% of its workload. Altogether, there were 157,716 complaints about PPI.
In total, the FOS had 1,268,798 complaints, with one in five (264,375) escalated to disputes. The number of complaints that turned into disputes was up by 28% over the previous year.
FOS chairman Nicholas Montagu said that media coverage had made large numbers of consumers aware for the first time that they might have been mis-sold PPI policies.
He said: “We received over 150,000 of these cases during the year – the highest number we have ever received in a year about a single financial product. We are still receiving PPI complaints at the rate of over 1,000 new cases every day.”
Sarah Brooks, director of financial services at Consumer Focus, said: “PPI continues to be a thorn in the side of this industry.
“With all that has happened, consumers shouldn’t need to take their PPI claim to the Ombudsman to get their money back. Banks now need to wipe the slate clean by dealing with any claims and compensation payments quickly, efficiently and fairly.”
View news source : http://www.introducertoday.co.uk/news_features/complaints-to-ombudsman-rocket-35http://www.introducertoday.co.uk/news_features/complaints-to-ombudsman-rocket-35
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