Brokers not named in FOS complaints report
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Last week the FOS released for the first time complaints relating to individual financial businesses for the past six months, showing that 41% of all mortgage-related complaints were upheld between January 1 and June 30.
But not one of the published complaints relates to brokers. The FOS only publishes complaints against a firm if it racks up more than 30 in the period and has 30 upheld against it.
Bank of Scotland received the most complaints relating to mortgages and home finance, receiving 563 in the six-month period, 40% of these being upheld.
Meanwhile, 75% of complaints were upheld against GMAC-RFC although it only received 53 in total, with 47 complaints being made against GE Money Home Lending, 60% of which were upheld.
Other offenders included Barclays which received 371 complaints and had 55% upheld, Abbey which received 299 complaints with 52% upheld, Cheltenham & Gloucester which attracted 159 complaints and had 42% upheld, and Alliance & Leicester which received 116 complaints and had 39% upheld.
Meanwhile Kensington received 57 with 37% upheld, Mortgage Express 84 with 38% upheld and Nationwide 108 with 28% upheld.
Northern Rock also had 31% of its 108 upheld, with 58% of Southern Pacific Mortgage Limited's 82 complaints being upheld and 33% of The Mortgage Business's 30 complaints being upheld.
John Whyte, adviser at Whyte Financial, says: "This data shows where the problems in our financial services industry lie - banks."
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