FSA: 74pc spike in mortgage complaints

Sarah Davidson

September 27, 2012

Figures published today by the Financial Services Authority also showed the number of complaints to banks and building societies rose by 67% in the first half of the year to 2,767,913 – linked mostly to sales of payment protection insurance.

The volume of complaints about general insurance and pure protection rose by a whopping 99% to 2,541,430.

Overall complaints caused by advising, selling and arranging increased by 116% to 2,362,051.

The percentage of upheld complaints meanwhile declined from 60% in 2011 H2 to 58% in 2012 H1. This was mostly down to upheld general insurance and pure protection complaints falling from 69% to 63%.

The total redress paid increased from £2,250m in 2011 H2 to £3,155m in 2012 H1.

Compensation paid out on general insurance and pure protection products hit to £2,990m.

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