Mortgage complaints
The Financial Services Authority (FSA) has been responsible for regulating mortgage lending on a statutory (legal) basis since 31 October 2004. The FSA’s rules cover the way in which the organisations they regulate (including mortgage lenders and mortgage intermediaries) must deal with formal complaints from customers.
What to do if you have a mortgage-related complaint
The first step is to send your complaint to the lender or mortgage intermediary (broker) in writing. FSA rules require them to send a written acknowledgement of your complaint within five business days.The FSA's Moneymadeclear website carries detailed information on how you can make complaints as well as producing this guide: Just the facts about making a complaint. It features:
- details on who to contact and when;
- tips and samples on writing effective initial complaint letters; and
- tips on how to keep track of ongoing complaints.
If the lender or broker cannot make a final decision on your complaint after a month, they must keep you informed. If you are not happy with the final response from them, your complaint may be able to be considered by the Financial Ombudsman Service.
The Ombudsman provides a free and independent advice service for consumers who would like to make a complaint, phone on 0845 080 1800 (office hours).
