If you are one of the many thousands of people who were advised to purchase an unsuitable mortgage then you may be entitled to compensation.
Since the 31st October 2004 the sale of mortgages has been overseen by the City Watchdog, initially the Financial Services Authority (FSA), which, has been replaced from 1st April 2013 by the Prudential Regulatory Authority and the Financial Conduct Authority (FCA).
There were many guilty Mortgage Brokers, IFAs & Lenders who sold inappropriate mortgages, many of these were done purely for their own financial gain due to the hefty commission fees paid by some lenders.
Mortgage Brokers and IFA's had an obligation to "treat customers fairly", give best advice and ensure the advice given was suitable for the customer. They also had to make and retain a record of suitability.
These professionals were regulated by the Financial Conduct Authority (FCA) and had to comply with the Mortgage and Home Finance Conduct of Business rules (MCOB).
Section 150 of the Financial Services and Markets Act 2000 provides that a person who as been given mortgage advice which is unsuitable and inappropriate and who has suffered a financial loss as a result of this advice is within their rights to bring a claim against the adviser.
A Mis-sold Mortgage can appear in various guises. Grounds for bringing a claim against a Lender or Mortgage Broker can be considered in many ways. Examples are:
Compensation in mis-selling cases is intended to put you in the same position that you would have been in had you not been mis-sold a product. In other words compensation is calculated by comparing the financial position your are in now and the position as it would have been had you not been mis-sold the relevant product.
There are time limits to bring a professional negligence claim, we urge you not to delay any potential complaint, a valid complaint may be worth £1,000s. Leaving your enquiry too long may see you miss out on your rightful financial redress.