Redress payments halve for mortgage businesses

The FCA’s latest Complaints Data has revealed that mortgage businesses paid out less than half the amount in redress (£3.9 million vs £8.3 million) in the first half of 2022 than they did over the same period the year before, despite complaints volumes only dropping by 11%.

Other regulated financial firms saw redress levels remain relatively stable, though there was a small overall reduction in the proportion of complaints upheld.