FCA keen to hear from BoI mortgagees!

by Readers Question

3 weeks ago

FCA keen to hear from BoI mortgagees!

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FCA keen to hear from BoI mortgagees!

The FCA (Financial Conduct Authority), who regulate Banks, are keen to hear from anyone affected by the Bank of Ireland mortgage hike scandal.

The more people report this to the FCA, the stronger their case to take appropriate action against the Bank of Ireland and any other mortgage providers who hiked customers mortgages by altering the differential.

The FOS (Financial Ombudsman Service) are regulated by the Treasury Committee. Those affected by the Bank of Ireland scandal need to complain to the Treasury Committee (T: 020 7219 5769) to complain that the FOS is NOT FIT FOR PURPOSE. Indeed, as I understand it, the FOS are funded by the Banking Sector – so are hardly independent. It might explain why no complaints against the BoI were upheld.

Let’s take some AALF – Action Against Legal Fraud !

Symons



Comments

Neil Patterson

3 weeks ago

Hi Symons,

Is this new interest from the FCA?

>> https://www.property118.com/awaiting-fsa-second-response-to-bank-of-ireland-differential-increase/

"Martin Wheatley the current head of conduct at the Financial Services Authority (FSA) has been strongly criticised by the Treasury Select Committee (TSC) for the FSA’s response to the Bank of Ireland differential increase for thousands of it’s tracker rate customers.

In a letter by Andrew Tyrie MP (chairman of the TSC) Mr Wheatley was accused of “not addressing the main issues”.

He went on to say “Your response does not tell the Committee whether you were concerned at the action of the Bank of Ireland, what assessment you have made of the impact its decision might be on the rest of the industry, nor how the FCA would act in the event of lenders taking this sort of action in the future,”

In the FSA’s first response to the TSC Mr Wheatley had said the FSA did not plan to take any action against Bank of Ireland over its rate hike that hit 13,500 customers with higher mortgage repayment costs despite no change in under-lying interest rates.

“As these mortgages fall outside of our regulatory remit we do not plan to take further action in respect of the increase to the differential (the difference between base rates and the additional interest charged by the bank). We have reviewed the terms and conditions provided to us by the Bank of Ireland UK and did not identify any concerns which led us to believe the terms may be unfair,”

From next month Mr Wheatley is due to take charge of the FCA, which will be responsible for the regulation of all issues surrounding financial conduct in the UK and this distraction could be the cause for such little time being taken for the consideration of consumers in his first response."

Also later:

"The FCA seemed satisfied that the bank had waived its requirement to pay an exit fee if borrowers chose to re-mortgage and that it had therefore complied with one of the requirements of the Unfair Terms in Consumer Contract Regulations 1999."

Dylan Morris

3 weeks ago

How can these mortgages fall outside their "regulatory remit" ?? A big chunk were residential mortgages not BTL.

Dylan Morris

3 weeks ago

Sorry to be picky but the headline is wrong. The "mortgagee" is the lender. The borrower is the "mortgagor".

Rafi Chaudry

3 weeks ago

Does anyone have a standard letter/template that we can use?

Thanks in advance.
Rafi


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