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FCA reveals rise in home finance redress payments
Redress payments for home finance products, such as mortgages and equity release, rose by 2% on the previous half-year period, despite the total redress paid to customers during H1 2016 falling by less than 1% to £1.96bn.
Bank of Scotland received the most complaints over its home finance products for the second half-year running.
Santander, HSBC Bank, Landmark Mortgages Limited and Barclays Bank were the next four most complained about home finance providers for this period.
The announcement comes just weeks after the FCA was urged to tighten responsible lending guidance following a £34m redress from a payday lender.
Despite this rise, overall financial services firms recorded a 2.6% reduction in new complaints during H1 2016, falling to just 2.05 million.
Complaints about current accounts faced the largest reduction, falling by 10% (46,000) for the same period.
Meanwhile, the proportion of redress paid by top 10 firms rose by two percentage points to 85%, with Barclays and HSBC each seeing a 3% rise in the number of complaints since the second half of 2015.
Christopher Woolard, director of strategy and competition, said: “To see another six months of reduction in the total number of complaints is encouraging.
“Firms still need to continue to ensure they are doing all they can to reduce consumer dissatisfaction, but the figures show firms are taking our feedback seriously.”
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