Bank of Scotland has topped the FCA’s list of most complained about mortgage lenders in the first half of the year.
According to figures published last week by the FCA, BoS had 16,204 mortgage complaints made against it in the first half of 2014, a 39 per cent increase on the 11,624 complaints it received a year earlier. It upheld 66 per cent of complaints in the first half of the year.
Santander received the second most mortgage complaints over the period, although the number did fall year-on-year. In the first half of the year, Santander received 11,141 mortgage complaints, down from 13,749 a year earlier. Some 34 per cent of mortgage complaints were upheld by the lender in H1 2014.
Northern Rock Asset Management, HSBC and Barclays made up the rest of the top five. NRAM received 7,863 mortgage complaints in H1 2014 while HSBC and Barclays received 5,880 and 5,874 mortgage complaints respectively. However, NRAM says its complaints figure covers a nine-month, and not six-month period.
In total, Barclays was the most complained about financial services firm, with 278,426 complaints over the period and an uphold rate of 71 per cent. The number was down 10 per cent on the second half of 2013, however, when it received 309,494 complaints.
There were 2.4 million complaints against financial services firms between January and June, down by 5 per cent from 2.5 million complaints received in the previous six months.
The total amount of redress paid fell by 12 per cent from £2.7bn in the second half of 2013 to £2.3bn in the first half of 2014.
Payment protection insurance was the most complained about product, with 1.2 million complaints. This is down by 11 per cent compared with the previous six months and accounts for 52 per cent of all complaints.