Most complaints received by the Financial Services Authority (FSA) relate to online advertisements for mortgages, the body has revealed.
According to the FSA, online mortgages constitute the “largest single category” of complaints and usually relate to unrealistic claims made by the company.
Spokesman Robin Gordon-Walker said that the majority of cases received relate to “overstated, eye-catching figures which don’t really represent reality”.
He added that there has long been a problem with misleading mortgage advertisements revealed that there are still “some concerns” about certain lenders.
However, he qualified this by adding that “progress has been made” in attempting to curb the practice.
Perhaps surprisingly, not all complaints are made by disgruntled mortgage hunters, according to Mr Gordon-Walker: “A lot of the complaints come from other firms, because they spot non-compliant promotions or adverts, or whistle-blowers within firms themselves.”
Last year the FSA told more than 200 mortgage brokers to withdraw or amend misleading advertising following a review of several hundred advertisements.
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