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Watchdog praises mortgage brokers

Mortgage brokers have been praised by the Financial Ombudsman Service for a continuing low level of complaints.

Relationship manager Peter Bristow says only 3 per cent of complaints received last year related to mortgage brokers.

Of the 113,000 complaints, 70 per cent were about mortgage endowments but the loan market fared much better.

Bristow pointed out how brokers could avoid complaints getting as far as the ombudsman. He said: “Resolving complaints early can help with word of mouth recommendation from clients.

“Brokers can avoid complaints by recognising when they have a dissatisfied customer, apologising and expressing regret, which does not imply guilt, understanding the complaint and responding quickly.

“Sometimes it makes sense to settle, even when a broker thinks it has done nothing wrong, to save on costs.”

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Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]

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