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Complaints watchdog backs FCA over interest-only case


The FCA has successfully defended a complaint against it after a customer claimed it had ignored interest-only mortgage misselling accusations.

The complainant said they had tried to contact the FCA on multiple occasions, but the regulator had failed to properly consider the information given to it.

The complainant alleges that a mortgage broker submitted false information in order to approve their application, and that the FCA needs to take action to avoid a potential repossession of their home.

The FCA did not uphold that complaint, arguing that it had responded promptly to concerns, and that it was outside of its remit to influence the claims management companies involved in the case, over which the complainant also expressed dissatisfaction.

The FCA said complaints about any potential misselling should be directed to the Financial Ombudsman Service. The broker firm has since become defunct.

The complainant decided to take the matter to the Complaints Commissioner. In the adjudicator’s judgment, published today, it rules that while the FCA could have also emailed correspondence to the individual, it did make appropriate efforts to send timely response letters.

The Complaints Commissioner also notes that it was not the FCA’s role to investigate the complaint against the broker or CMC involved.

“I am sorry that you are disappointed but, as I have said earlier, it is not the FCA’s role to deal with individual complaints against financial services organisations, nor to regulate CMCs – the FCA was right to direct you to the FOS and the Ministry of Justice. I realise that it is frustrating to be told to go to other organisations, but the FCA’s advice was correct.”


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