Ombudsman upholds nine in ten complaints on guarantor loans

Industry News | 04/06/20

About nine in every ten borrowers who complained to the Financial Ombudsman Service last year about mis-sold guarantor loans had their cases upheld. The independent complaints body’s annual report shows that it found in favour of the consumer in 89 per cent of the 1,043 cases of unsecured loans where payments are guaranteed by a friend or family member. This compares with the industry average of 32 per cent of cases that are decided in favour of the consumer. In the 2019-20 financial year, the ombudsman received 271,468 new complaints, down from 388,392 in the previous 12 months.
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Source: The Times