In the Facebook advert, Trusted Mortgage Claims said ‘95% of UK mortgage brokers are guilty of mortgage miscalculation on your repayments’.
And in another ad, the CMC claimed ‘95% of people in the UK were mis-sold their mortgage if it was taken out before 2012’.
The two adverts triggered complaints to the ASA over whether the claims were misleading and could be substantiated.
In response, Trusted Mortgage Claims agreed to remove the ads and agreed not to make the claims in their marketing communications.
A number of CMCs have targeted mortgage customers, particularly interest-only customers, in recent years.
Trusted Mortgage Claims’ website says people who have had a mortgage in the past 25 years may be due compensation.
Users are encouraged to enter their details into the site for an assessment of their mortgage by the company.
What about the reputational damage to the 95% of mortgage brokers? Is this firm fit and proper to be authorised as a CMC? What sanctions are being imposed on the firms directors and compliance officer? Are just a few of the questions that come to mind!
You are completely correct Duncan but we all know that no further action will be taken against these parasites!
But the FCA themselves hardly help with their fatuous “most clients could have got a cheaper mortgage” statement a few weeks ago (provided of course that the clients were prepared to wait up to 18 weeks for an offer from the Hanley Economic or Leek United Building Societies)