FSA: 74pc spike in mortgage complaints
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.