View more on these topics

Broker sets up FCA redress scheme for debt consolidation loans


Mortgage broker Mortgage Matters has agreed to set up an FCA-monitored redress scheme for possibly faulty advice it gave to historic debt consolidation mortgage clients.

Altrincham-based Mortgage Matters, which is no longer trading, has to appoint a third party to write to all its affected customers from between 1 January 2007 and 7 July 2014.

The letters say that Mortgage Matters “may not have fully considered the costs and implications” in recommending customers consolidate debts into their mortgages.

The letters add that debt management or insolvency arrangements might have been a better option for some of its 2007-2014 customers.

The third party will also run the redress scheme, including spotting shortfalls in the original mortgage advice given and working out how much consumers should be paid back.

The scheme will look at how the advice given by Mortgage Matters differed from the relevant MCOB rules at the time.

If affected consumers do not agree to the redress scheme then Mortgage Matters will signpost them to the Financial Ombudsman Service.

The details are laid out in a ‘voluntary application for imposition of requirement’ published on the FCA website.

Mortgage Matters has been approached for comment.


TrigoldCrystal adds debt consolidation facility

TrigoldCrystal has added a debt consolidation calculation tool to its Prospector mortgage sourcing system. The facility allows brokers to demonstrate to clients the benefits of consolidating debt by remortgaging.


Hundreds of thousands to pay off mortgages with pension cash

  Around 320,000 homeowners aged 51-65 are planning to use money from their pensions to pay off their mortgages, according to new research from retirement income provider Just Group.  Just adds that 23 per cent of the homeowners aged 51-65, or nearly a million people, expect to be making mortgage repayments after the age of […]


News and expert analysis straight to your inbox

Sign up

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now