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Demand for Ombudsman over-stated, says MCCB

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&#39t 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.”


A View From The floor

Housing, debt and advice were all on the Liberal Democrats&#39 agenda at the party&#39s annual conference last week. The party&#39s shadow Chancellor Vincent Cable used his keynote conference address to attack the government, the Conservatives and to some extent the financial sector for fuelling what he called the debt bubble. “An orgy of debt-financed household […]

McCormack replaces Wright as MD at B&W

Wright will retire from the post he has held since April 2002 at the end of December McCormack, currently managing director of Bank of Ireland Mortgages, will take up the reins as head of the Bank of Ireland subsidiary from January 1. Wright has worked at Bank of Ireland and Bristol & West in a […]

IMF says UK could see housing market crash

The World Economic Outlook Report says it is more difficult to get on the property ladder in the UK than in other countries and states that while a slowdown in UK means house prices should remain manageable, the IMF could not rule out a collapse. UK house prices have risen faster since 1997 than in […]

Leeds restructures top team

Changes include the creation of three divisions within the society – finance, operations and development. Kim Rebecchi, general manager at L&H, has had her role extended to include responsibility for the intermediary sales force as well as branches and direct sales through the call centre. Rebecchi says: “We do 50% of our lending to intermediaries […]


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