Misleading Mortgage Broker Quote- leading to hidden fees- Help Please

payless

steve888 wrote:

It is shame when things go wrong the consumer cant repy on this KFI guidance for execution only brokers.

Steve

IMHO - Thats yet to be proved either way

I do think you are partly responsible by not acting upon offer, although I would say broker does seem to have made mistakes ( obviously we are only getting your side)

I would ask broker what he is prepared to do .... perhaps even ask Abbey to comment ( ask why offer did not match KFI)- can you tell where the KFI came from ( see my first reply)

Is the broker directly authorised, or thro a network ( in which case its the network that should review your complaint)

Did you get extra cashback for going "non advised"

steve888

payless wrote:

IMHO - Thats yet to be proved either way

)

Is the broker directly authorised, or thro a network ( in which case its the network that should review your complaint)

Did you get extra cashback for going "non advised"

To answe-r your question The Broker is directly authorised

I didnt get extra cash back but a marginally better rate - which on my small size of remortage loan was worth about £ 300 for the duration of the mortage product

steve

Conrad

The broker is responsible. You should be fully compensated. I am a broker.

He had a 'duty of care' and all sourcing systems contain a disclaimer regards errors. It is always the mortgage brokers responsibility to double check everything. I always find lots of errors on KFIs, only a foolish, complacent would rely on them. Technology is inherintly unreliable, so all brokers should allow for this systemic issue by having a double checking procedure.

TCF = 'Treating Customers Fairly'. This is the key principle the FSA are focused upon. It requires Brokers to be 'delligent'.

Simply relying on a third party KFI is not dilligent, in fact its the opposite.

Please go all the way, you will get a full refund.

dunstonh

The broker may be responsible but that doesnt mean you get redress. I once referred a case to the FOS as a clerical error by an insurer caused a client to lose of a large amount of money. The FOS ruled that the clerical error whilst unfortunate did not warrant any redress paid.

I'm not saying you should or shouldnt complain but you need to be aware that the FOS isnt necessarily going to award redress on the basis of a clerical error.

The broker could easily turn round and say that the KFI was from Abbey and all I did was provide this to you based on the deal you told me you wanted. As I was not providing research or advice, I had no reason to question the information supplied by Abbey. Of course, you could then take it up with Abbey.

nomoneytoday

I would ask for an amicable solution - say paying half each..

steve888

thanks for all the advice- I am now much better appraised - I will continue to persue the complaint with the Broker and hopefully he'll see sense and 'broker a deal'

Steve

AndrewSmith

Personally I do not think you have a case for redress.

A detailed KFI would have been included with the mortgage offer from Abbey, and the fees would have also been included on the Abbey mortgage offer.

Both these documents would have been received by you prior to completion of the new loan.

It will be stated that, as you are not undertaking the advice service of the broker, it is solely your responsibility to check the lender's mortgage offer and attached KFI prior to completion.

It is on the basis of these documents issued by the lender that you will complete the transaction.

kenshaz

FSA consumer information The Financial Services Authority (FSA) is the independent regulator set up by Government to regulate the financial services industry and protect consumers. The consumer section of the FSA’s website provides clear and impartial consumer advice and provides links to other sources of free advice.

kenshaz

Financial Ombudsman Service The Financial Ombudsman Service provides consumers with a free and independent service for resolving disputes with financial firms. Website provides consumer information and advice and access to FOS publications.

kenshaz

Office of Fair Trading The Office of Fair Trading has responsibility for the regulation of trade within the UK, to ensure that markets work for the benefit of consumers. This includes the administration of the Consumer Credit Act 1974. Website contains a range of information and research concerning consumers and their rights and protection.