Rise in complaints about mortgage advisers ‘nothing to be concerned about’

A recent analysis of mis-selling/misleading information and misrepresentation complaints by the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) shows a small rise but still low numbers overall.

Complaints, specifically about mortgage advisers, which rose from three last year to four this year, mainly relate to fees and charges, IFSO strategic partnerships manager Andrew Gunn, says.  

“In some of the cases the information in documents sent by mortgage brokers to clients isn’t sufficiently clear.

“Clawback fees are a big issue – where a mortgage or financial adviser hasn’t provided sufficient information about charging a clawback fee if the client decides to break their mortgage.”