It was a shame that the recent ethical survey did not echo facts gleaned from the Financial Ombudsman Service’s annual review which analysed complaints received and how they have been dealt with.
Of the 94,392 complaints dealt with in total – bearing in mind this includes all financial products, insurances, pensions, loans, bank accounts, etc – the biggest number (49 per cent) were complaints about endowment policies.
Complaints about mortgage products amounted to 4.5 per cent. I see no mention of complaints about mortgage advice.
The complaints were also analysed by industry sector. By far the biggest percentage of 37 per cent was directed at insurance and investment product providers.
Second, with 30 per cent, were banks. Complaints about mortgage intermediaries totalled 1.5 per cent.
Conclusion? On the basis of these figures, it could perhaps be agreed that mortgage intermediaries are getting on with the job in a professional manner.
Sunrise Mortgages, Lancashire