Poll
FOS receives over 6,500 affordability complaints
Over the past year, 6,968 complaints were made to the Financial Ombudsman Service (FOS) regarding affordability.
Following a freedom of information request submitted by Loan Talk, it can be revealed that the FOS received almost 7,000 complaints against businesses that came under its classification of affordability.
This would include credit checks carried out by various businesses before granting the applicant a financial product.
Of these complaints, the FOS revealed that 51% were upheld.
This meant that the financial business would have had to compensate the applicant in one form or another.
The news comes a month after Citizens Advice called on the Financial Conduct Authority to tighten responsible lending guidance.
This was after CFO Lending was told to redress £34m to customers after the regulator found it had undertaken unfair practices.
Meanwhile in September, the Prudential Regulation Authority revealed new buy-to-let underwriting standards with more affordability assessments.
However, a recent poll conducted by Loan Talk saw 80% of respondents back second charge lenders’ affordability checks.
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