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Bank of Scotland sees home finance complaints surge 20.5%


Bank of Scotland sees home finance complaints surge 20.5%

Over 750 complaints regarding mortgages and home finance provided by Bank of Scotland were received by the Financial Ombudsman Service (FOS) in the past six months.

The 769 complaints were the highest received for a single lender with Santander receiving 563 mortgage and home finance complaints and Barclays receiving 473. 

These complaints were received by the FOS between 1st January 2016 and 30th June 2016 and are from customers who were dissatisfied with the financial business’s response to their complaints. 

In February this year, Bank of Scotland once again topped the list for new mortgage and home finance complaints. 

The latest FOS figures show that Bank of Scotland saw a 20.5% increase in the number of new mortgage and home finance complaints as the lender received 638 for the second half of 2015. 

However, the number of cases where the FOS made a change in favour of the customer was 34% for complaints about Bank of Scotland’s mortgage and financial products, lower than the 48% average. 

Responding to the FOS statistics, Jen Tippen, group customer service director at Lloyds Banking Group, parent company of Bank of Scotland, said it was committed to delivering excellent service.

“If things do go wrong, we want to put them right as quickly as we can, and learn from our mistakes. 

“While we are pleased to see that our overall complaints have fallen, we continue to work very hard to address the root cause of any customer dissatisfaction.”

In terms of overall complaints made to the FOS about banks, insurers and other financial businesses, Payment Protect Insurance (PPI) still made up the majority of the cases. 

Caroline Wayman, chief ombudsman, stated: “Although it’s a few years now since PPI complaints peaked, we have been receiving over 3,000 cases a week for six years running – despite wider expectations that numbers would fall. 

“And we’re continuing to deal with the issues and uncertainties around PPI, which remain a significant challenge for everyone involved.”

Complaints about payday lending doubled in the last six months as Caroline added: “Lots of factors can influence the complaints we see, from more people knowing more about their rights when things go wrong to external factors like volatility in the stock market or extreme weather conditions. 

“That’s why I believe it’s important that we continue to share our insights into complaints to help businesses to avoid the mistakes of the past.”

 




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