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FSA should clamp down on product withdrawals

I probably won’t be the first or the last reader to comment on the disgraceful behaviour of First National and igroup. They have withdrawn their entire ranges with zero notice and replaced them with ‘we don’t really want the business’ deals.

It is clear that Treating Customers Fairly is not embedded in their cultures and their management systems need reviewing if they think this is acceptable.

Where is the Financial Services Authority? If a sole broker suddenly decided to change their fee-charging structure and reduce their lender panel in such a way, in a future issue of Mortgage Strategy we would read about how many thousands of pounds they had been fined by the regulator. So what about lenders?

I have a client whose application had been through the usual packager underwriting process to the point where we were waiting for the valuation report.

Following these withdrawals I will have to tell her that if she wants to proceed she is going to have to pay double the fee and an extra 0.8% on the` rate.

Product withdrawals like this are outrageous and I think the regulator should be brought in to do something about it – otherwise, what is it for?

Andrew Hughes

AMH Mortgage Consultants

By email


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