Speaking at the Mortgage Strategy Live conference in Manchester yesterday, Richard Fox, compliance director at The Mortgage Code Compliance Board says that, based on his experience, very few cases have got as far as FOS and few will in the future.
He told delegates: “There is very little for FOS to deal with. We have heard from the FSA that it is expecting FOS to deal with 20,000 complaints, but we do not know where they are coming from.
“The use made of the Ombudsman has been greatly overstated and there is no evidence to show there are that many dissatisfied customers.”
John Malone, manager of Premier Mortgage Services, part of Bankhall, says: “I don't know where they think all these complaints are going to come from. As an industry we are very surprised at these claims.”
And Rob Clifford, managing director at mortgageforce, says: “I think there will be more complaints with the new system and regulation, but not nearly half as many as what has been predicted.”