The consumer wrote to regulator the Financial Conduct Authority (FCA) in November last year to complain that it had not replied to his mortgage mis-sale complaint.
The borrower complained that it had had to chase the regulator twice about a mis-sold interest only mortgage and suggested the FCA had not considered the information properly or dealt with the issue fairly.
The complainant had already engaged a Claims Management Company (CMC) to take the interest-only mis-selling case on. However, after two years the CMC admitted it would not be able to look at ‘this type’ of claim.
The Complaints Commissioner Antony Townsend wrote back and pointed out that the regulator was never the right body to pick up the problem and should have been the Financial Ombudsman Service or the Ministry of Justice.
Townsend’s letter said: “You are unhappy because you feel you had wasted two years dealing with the claims management company. You explained that the mortgage broker submitted false information in order to get your mortgage application approved. You explain that the FCA still needs to resolve the fact that you will potentially lose your home in three years.”
Townsend explained that the complaints commissioner’s role is limited to considering complaints against regulatory bodies like the FCA, PRA and Bank of England, adding “I am afraid that I cannot deal with your complaint against the now defunct brokers firm.”
He concluded: “I realise that it is frustrating to be told to go to other organisations, but the FCA’s advice was correct. I am sorry to have to disappoint you but – for the reasons given – I do not uphold your complaint. I recognise that the matters about which you have complained are serious ones for you, but I do not consider that the FCA has been at fault.”