FSA figures show fall in equity release complaints

New figures from the Financial Services Authority (FSA) show that the number of complaints made against mortgage firms increased during the second half of 2009, offset by a decline in equity release complaints.

In total 13,232 complaints were made against mortgage firms during the second half of 2009 compared with 12,634 during the first half of the year.

The FSA found that 4,185 complaints were upheld by mortgage firms during the second half, representing 34% of all complaints, up from 3,802 during the first six months of 2009.

Nevertheless, complaints against equity release providers fell to 383 from 428 during the first half of the year.

Firms are obliged to report to the FSA every six months to record how many complaints they have received, how they have been handled and the amount of redress paid. Overall the largest proportion of complaints came from current accounts at 1.6 million, followed by general insurance.