Drop in mortgage complaints in H2 2023 reported by FOS Mortgage Strategy

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The number of mortgage-related complaints made to the Financial Ombudsman Service (FOS) dropped in the second half of last year to 3,877.

The figure represents a fall from the 4,160 recorded by the FOS in the second half of 2022.

Despite the drop in mortgage complaints, separate bank and credit objections rose considerably, up from 50,346 in H2 2022 to 62,139.

The FOS said the banking complaints were dominated by disputes relating to current account fraud and scams and credit card complaints related to unaffordability and perceived irresponsible lending.

Overall, the service received a total of 95,349 complaints regarding financial services between 1 July and 31 December 2023 compared to 79,921 complaints in the same period in 2022.

FOS chief executive and chief ombudsman Abby Thomas says: “In light of the continuing economic challenges people face, it’s always concerning to see complaint levels continue to rise.

“People’s relationships with their banks and insurers are incredibly important, with many relying on these businesses for their homes, their cars and their livelihoods. That’s why I’m determined to ensure firms create an environment which is fair and transparent for all consumers.

“If customers don’t feel they’ve been treated fairly, they can come to our free and independent service, and we’ll investigate their complaint.”

Conversely to the FOS reported fall in mortgage complaints, the FCA last week reported a rise in home finance objections, stating a rise of 3.7% to 94,822 in the second half of last year.


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