Bank of Ireland tracker mortgage % increase

BR_Landlord

rate_hike wrote: »

Don't hold out much hope now the OFT have Passed it over to the FCA they gave the Bank the go ahead in the first place, probably wont bother answering our complaint.

That's really sh*tty news. What was OFT's excuse for not taking it on?
FCA have already ignored this. Did they ever answer the second letter from treasury man?

(I answer my own question below if anyone is interested.)

BR_Landlord

BR_Landlord wrote: »

That's really sh*tty news. What was OFT's excuse for not taking it on?
FCA have already ignored this. Did they ever answer the second letter from treasury man?

FCA will be happy with the token released borrowers.

BR_Landlord

"...submitted a detailed case to the Office of Fair Trading, the Financial Conduct Authority and the Financial Ombudsman Service just over a month ago.

We hoped that one of these government bodies would review our submission and decide that this is a matter worth investigating further.

We requested that the OFT consider the complaint on the grounds that under the Unfair Terms in Consumer Contracts Regulations 1999 (“the Regulations”) the OFT has a duty to consider any complaint made to it. The OFT shares its enforcement powers under the Regulations with the FCA.

The OFT has discussed our complaint with the FCA and it has been agreed that the FCA as sector regulator is best placed to consider and respond to our complaint, including whether action under the Regulations is warranted.

We will therefore be hearing from the FCA and not the OFT... expect a response in the next couple of weeks."

There's a hole in my bank account but it is reassuring to know someone is looking into it.

Denise2007

BR_Landlord wrote: »

FCA will be happy with the token released borrowers.

Agreed, I was hopeful that maybe the OFT would take it on and that was our best hope. FCA will do nothing. Doubtful,the FOS will either

rate_hike

Passing the buck as usual, only want easy cases to meet there targets.

murphyabu

Hi guys,

Im looking into this on behalf of MOH. I have briefly scan read over the last 54 pages of comments but I'm still incredibly confused.....

I understand the references to the 'magic letters' however in the case of my OH's poor record keeping can we request copies of all corres from BOI and are we likely to get them all? So we can check if the same circs apply to us.

I note that the OFT have passed the complaints received on to the FCA and that they actually gave BOI the green light it's unlikely anything will come of their investigation,

With that in mind, and with disposable income being tight should we explore legal action, either with property 118 or independently, or should we await an outcome?

Sorry all questions and no suggestions.....

Thanks in advance

JimmyTheWig

murphyabu wrote: »

I understand the references to the 'magic letters' however in the case of my OH's poor record keeping can we request copies of all corres from BOI and are we likely to get them all? So we can check if the same circs apply to us.

From what I've understood, BoI have automatically reinstated the previous rate for the people who did receive these letters. I don't think that people who received them have had to tell BoI that they've had the letters.

Obviously there is room (and reason!) for error on BoI's part. Do we know of anyone who has had one of these letters who wasn't automatically reinstated on the old differential?

Jaketake

Guys, just heard that the FCA will not take action against the bank. What are people doing now? Where do we go from here?

rate_hike

Jaketake

Go on 118 & read the latest from Justin Selig.

Denise2007

Just after reading update from Justin on Property 118. FCA will not pursue matter and looks like only option may be class action which will be v expensive. Although Justin is waiting for counsel opinion who may advise that this is not an option .... I think it's time to remortgage .....