Financial Ombudsman Service outlines mortgage prisoner complaints approach
Regulatory Updates | 04/06/19
The Treasury Committee has published correspondence from the Financial Ombudsman Service (FOS) in which the FOS has outlined its approach to dealing with mortgage prisoner complaints. The FOS has identified three groups of complainants: borrowers with regulated lenders that are still active and carrying out new business who are unable to switch to a more affordable mortgage despite being up-to-date with payments; borrowers with authorised firms who are no longer actively lending, who cannot switch to a more affordable product despite being up-to-date with payments; and borrowers whose mortgages are now owned by firms that are not authorised to lend, who may benefit from switching but may be unable to do so.
