Bank Of Scotland Has Most Loan Complaints
It’s the list which no company wants to be at the top of. The Financial Ombudsman Service (FOS) has just published its six monthly report on the number of complaints received regarding financial institutions such as Banks, building societies, insurance companies and other loan companies.
The report has focused on the number of complaints regarding individuals’ home owner loans and mortgages. The top ten organisations to receive complaints about their loans are: Bank of Scotland, Barclays bank, Santander, Cheltenham & Gloucester, Northern Rock, Nationwide, Nat West, HSBC and Mortgage Express.
The report covers the last six months of last year, between the 1st July and the 31st December and covers the number of loan complaints made and the percentage of these which have been upheld. In total the FOS received 82,136 complaints from borrowers regarding their home owner loans over the six month period.
The total number of loan complaints has increased significantly in the second half of the year, with an 18 per cent increase over the first half of the year, although on a more positive note, the percentage of loan complaints which were upheld by the ombudsman actually dropped to 53 per cent, from 59 per cent previously.
There are more than 100,000 individual businesses which are covered by the FOS, who are involved in the home owner loan business, but 88 per cent of all the complaints received, related to just 155 different firms.
David Thomas of the FOS said “While the number of cases referred by consumers to the ombudsman has continued to increase substantially, it’s encouraging to see that some businesses are committed to handling complaints better. We hope that businesses will use this data to focus their attention on addressing these key complaints handling issues over the coming months and years.”
