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Financial Ombudsman reports small increase in mortgage complaints

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  • 05/02/2019
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Financial Ombudsman reports small increase in mortgage complaints
The third quarter of the financial year saw a marginal fall in house mortgage-related complaints, according to the Financial Ombudsman Service’s latest report.

 

In the months October to December 2018, the service received 3,389 enquiries concerning mortgages – a fall of almost 450 from the previous quarter – including 2,654 new cases.

Around 27 per cent of cases were upheld, a rise of three per cent on the period July to September.

The new figures are in keeping the with the year so far, in which around 11,100 mortgage-related enquiries have been received with about a quarter of cases upheld.

 

One third of cases upheld

Over all, the ombudsman service received 161,195 enquiries and 92,903 new complaints. A third of cases were upheld.

For some financial products, the uphold rate was much higher, with 67 per cent of complaints about installment loans upheld and 59 per cent for self-invested personal pensions (SIPPs).

PPI was once again the most complained-about financial product, with 40,855 new complaints. PPI complaints made up nearly 44 per cent of all complaints received by the ombudsman service. The uphold rate for PPI increased slightly from 26 per cent to 29 per cent.

 

One thousand new cases every day

Caroline Wayman, chief ombudsman and chief executive of the FOS, said: “We take on over a thousand new cases every day and our team works hard to get to the bottom of them for consumers and businesses.”

Wayman is concerned about household debt, particularly during the cold months when utility bills are higher.

She added: “Businesses’ lack of empathy or flexibility can create additional problems for people who are struggling, and potentially in vulnerable circumstances.

“We will use our powers to ensure this does not continue – and in some cases, tell businesses to pay compensation for the upset they have caused.”

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