[col type=”two-third”]
Independent authorities
Hopefully you will have been able to resolve any issues directly with the company concerned, but this isn’t always the case. If you’re not happy, the firm will tell you where you can take your complaint further – normally this will be the Financial Ombudsman Service (FOS).
The FOS is a free and informal alternative to going to court. You don’t need a solicitor to make a complaint, you can do it yourself – although you can nominate someone to act on your behalf.
The FOS has an excellent website that gives you all the information you need on making a complaint: www.financial-ombudsman.org.uk.
Going to court
This really should be the last resort, as it costs a fortune and takes ages. On top of that, if you’re going up against a big firm, they will have a platoon of in-house lawyers who will be able to keep you at bay until you either give up or run out of money.
Take advice from a solicitor about going through the court system. The FOS should be able to deal with almost every issue and if it rules against you it’s unlikely the courts will decide otherwise.
Non-regulated mortgages
The vast majority of mortgages and advice are regulated by the FCA.
If you have an issue with a buy-to-let mortgage, your first step should still be with the lender who runs the product you have – it will have the same complaints and problem-solving procedures as it would take with standard loans. Again, it will have a formal process you can go through and in most circumstances your complaint will be dealt with satisfactorily.
If the worst comes to the worst you can still go through the courts, but this really should be a last resort.
If you have a mortgage secured on an overseas property, your first step is to see if the country in which the mortgage is secured has an equivalent to the FCA, who may be able to take a look at your case. Most overseas properties are purchased in areas where there are a lot of British owners, so the authority concerned will be used to dealing with non-nationals. If not, your only recourse is to once again go through the courts and if your lender is UK based, you may be able to do it here.
[/col]
[col type=”one-third last”]
[box style=”2″]
Financial Conduct Authority
The Financial Conduct Authority is responsible for improving and maintaining practices across a wide range of financial services in the UK.
Generally, the FCA does not deal with complaints relating to an individual customer’s circumstance – that role is taken by the Financial Ombudsman Scheme. However, if you are unhappy with the way a firm is operating – for example its advertising or unfair contracts, you are able to complain to the FCA. Find out more at www.fca.gov.uk.
[/box]
[/col]
Leave a Reply