View more on these topics

Bank of Scotland tops FOS mortgage complaints list


Bank of Scotland was the most complained-about mortgage firm in the second half of 2015, according to the Financial Ombudsman Service.

The firm had 638 complaints logged with the FOS in the period, with 26 per cent upheld. The number was down 37 per cent from 1,004 in the same period of 2014.

Santander was the second most complained-about firm, with 512 grievances logged and 65 per cent upheld. This compares to 572 in the second half of 2014.

Barclays was the third most complained-about mortgage firm, with 420 complaints registered and 40 per cent upheld. The firm got 40 per cent fewer complaints than the 590 logged in the same period of 2014.

Sesame was the most complained about advice firm during the period, receiving 116 new complaints, down 33 per cent from 172 in the first six months of 2015.

Some 27 per cent of complaints against Sesame were resolved in favour of the consumer.

Openwork was next on the advice list with 79 new complaints, down 29 per cent from 111 in the first half of the year. The uphold rate against Openwork was 19 per cent.

Interactive Investor, the online platform, was subject to 63 complaints, down 17 per cent from 76 in the first six months. However, the uphold rate was 71 per cent – far higher than the average among other financial services firms.

In total the Ombudsman received 164,347 complaints in the final six months of 2015, down 6 per cent on the previous period.

Excluding PPI complaints, the total figure was 71,663 – down 10 per cent.

The average uphold rate was 53 per cent, ranging from 5 per cent to 97 per cent across individual businesses.

Bank of Scotland was the subject of the most individual complaints (22,089), followed by Lloyds (21,304) and Barclays (17,781).



LMS: Remortgaging hits 7-year high

Monthly gross remortgage lending rose to a seven-year high of £6.2bn in January 2016, according to new figures from LMS. The figure is the most lent in a month since November 2008, when £7bn was recorded. The value of gross remortgage lending is also up 45 per cent year-on-year, with £4.3bn lent in January 2015. […]


Sterling falls as Cameron announces EU referendum date

The pound is on-track for its largest one-day fall following the backing by several large groups for a Brexit, as Prime Minister David Cameron unveiled the date of the vote. At the weekend Cameron revealed the in-out referendum for the UK in the European Union will be held on June 23rd. The price of sterling versus the dollar […]

Bricks building housing construction

Sesame and PMS launch 3.79% 2-year fix

Sesame Bankhall Group and PMS have secured an exclusive two-year fixed rate 3.79 per cent product up to 95 per cent LTV. On offer from Leeds Building Society, the product comes with a free standard valuation for customers for properties worth up to £2m. This product has no up-front booking fee and a £199 arrangement […]


HSBC profits disappoint ahead of ‘bumpier’ financial times

HSBC has reported a lower-than-expected 2015 pre-tax profit for the end of 2015, as the bank sees a “bumpier” financial environment ahead. The bank said profit before tax was $18.87bn (£13.28bn) for 2015 against $18.7bn the year before. Net profit for 2015 dropped 1.2 per cent to $13.52bn from the previous year. HSBC group chief […]


News and expert analysis straight to your inbox

Sign up