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Mortgage complaints rise 11% in Q2 – FOS

Mortgages were the third most complained about financial products in quarter two, from the period July to September, Financial Ombudsman Service (FOS) data has shown.
Mortgage complaints rise 11%  in Q2 – FOS

During this period, 3,333 complaints were received against 802 mortgage complaints in Q2 because the lender and borrower were unable to reach a settlement. Of these, 33% were upheld in favour of the complainant.

Compared to Q1, which runs from April to June, mortgage complaints have risen 11%.

Due to the number of complaints about Payment Protection Insurance, 65% of all complaints received in Q2, this product is looked at in isolation.

Topping the table for the most complained about product were packaged bank accounts followed by current accounts.

Complaints to FOS about annuities and income drawdown products have accelerated since the March Budget, new figures have shown.

FOS’ half-yearly complaints data listed 408 new annuity claims and 108 income drawdown gripes between April and September.

Although uphold rates – the number of cases the FOS decides in favour of the consumer – were down, the numbers of new cases in the half year suggest 2014 will top the previous year’s overall figures.

In the previous full year – between April 2013 and March 2014 – the FOS received 601 complaints about annuities and 169 new income drawdown cases.

The figures come after the Chancellor’s March Budget revealed a set of radical pension reforms, which will make it possible for a wider audience to access the income drawdown space, eliminating the need for those with smaller pots to buy an annuity.

The announcements, effective from next April, saw drawdown sales shoot up and annuity deals drop by a third, according to figures from the Association of British Insurers (ABI).

Other financial services products remained stable in the number of consumer gripes they attracted.

Personal pensions received 651 new complaints and saw 24% upheld, down from 31%. 174 initial adjudications were appealed.

Whole of life policies attracted 855 new cases, of which the FOS upheld 23%. It saw 171 historic cases appealed.

 

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