There were 3,685 new mortgage and home finance complaints made to the Financial Ombudsman Service (FOS) in the first half of this year, down from 5,002 last year.
Between 1 January and 30 June 2024, the FOS received 133,019 complaints in total – a rise of 40% on 2023, when the service received 93,114.
Meanwhile, complaints about banking and credit services to the FOS almost doubled to 101,031 in the first six months of 2024.
Last year, in the same period, customers made 56,690 complaints to the free dispute resolution service.
Banking and credit services was the most complained-about sector for the first half of the year and the only one that represented a rise on last year.
The FOS noted this was largely due to a spike in disputes about credit cards, unaffordable lending, car finance and fraud.
Building a better PRS for all
With already complex regulation on landlords today and more changes on the horizon, Heather Cara,
Sponsored by BM Solutions
Over half of those disputes were raised by professional representatives like claims management companies, compared to just a quarter that occurred during the same period in 2023.
More businesses were also complained about in that spell, with 242 disputed against, an increase from 220 the year before.
For the six-month period, there was a slight dip in the number of complaints upheld (35%) in the customer’s favour compared to last year (37%).
Consumers being at heart of businesses ‘not always the case’
Abby Thomas, chief executive and chief ombudsman at the FOS, said: “Businesses should put consumers at the heart of their service, but the high level of complaints we receive shows that’s not always the case.
“It’s vital that businesses are open and transparent with their customers, treating them with fairness and understanding.”
Thomas added: “Whilst professional representatives have an important role to play, they must ensure that their cases are well-evidenced and have merit.
“If people don’t feel they’ve been treated fairly by their financial provider, they can come directly to our service and we’ll see if we can help. Getting a fair answer is free and easy.”
This article was first published on Mortgage Solutions‘ sister site, YourMoney.com. Read: Complaints to ombudsman about banking and credit almost double
