The Financial Services Con-sumer Panel is investigating a possible miscalculation of millions of mortgages.
Colin Brown, chairman of the Panel, said: ‘We are researching whether the miscalculation of mortgages is a systemic problem or not. We know there are mistakes, but we want to know if there are mistakes on a scale the industry, and the FSA, will need to worry about.’
The Panel acts as an independent voice for consumers of financial services, providing advice to the FSA and assessing its effectiveness. It said there have been worries about back-office problems across the whole financial industry, partly be-cause regulation has been abs-orbing the financial industry’s attention over the last few years.
Brown added: ‘We know of acknowledged problems with particular companies’ customer standards, but we are in the early stages and are not in any way saying there is a problem with the mortgage industry.’
James Mayne, head of strategic development at Britannic Money, said: ‘At a time when we are all concerned about the regulation of the sales process, there is a case for protecting those who have become customers.’