View more on these topics

Bank of Scotland tops FOS mortgage complaints

Bank of Scotland was responsible for the highest number of mortgage complaints referred to the Financial Ombudsman Service during the first half of the year.

The FOS published its latest complaints data today, which showed the most complained about firms between January 1 and June 30 this year.

The data reveals that Bank of Scotland, part of Lloyds Banking Group, accounted for the most mortgage complaints referred to the FOS during the period with 750 new mortgage complaints. The figure represents a 15 per cent decrease in the number of mortgage complaints against Bank of Scotland referred to the FOS in the previous six months.

The FOS upheld 28 per cent of mortgage complaints brought against Bank of Scotland.

Santander saw 549 new mortgage complaints referred to the FOS during the first six months of the year. Barclays had 371 new mortgage complaints, Northern Rock Asset Management had 275 new mortgage complaints and NatWest had 181.

The FOS upheld 31 per cent of Santander mortgage complaints, 42 per cent of Barclays mortgage complaints, 15 per cent of NRAM mortgage complaints and 25 per cent of NatWest mortgage complaints.

Earlier this year the FOS predicted a continued increase in mortgage complaints, given the negative economic climate. Separately the FSA has also warned of an interest-only “ticking time bomb” where borrowers cannot repay the capital when their mortgage matures.

Recommended

Media Spotlight

How to win every argument, by Madsen Pirie

Banks and FSA failed to learn from Equitable Life collapse

Banks and the FSA could have acted to prevent the recent financial crisis if they had learned from the collapse of Equitable Life, a report has found. A report, “Did anyone learn anything from the Equitable Life?”, has been published today to mark 250 years since the mutual insurer was first established. King’s College London […]

Is the super-prime party over?

Super-prime London properties have enjoyed a price boom in recent years, with a surge in foreign investors vying to snap up the most luxurious homes, but is there a danger of investor fatigue and how tough is it for brokers to break into this competitive market?

Newsletter

News and expert analysis straight to your inbox

Sign up