Shared equity / second mortgage regulation

damoc73

Hello

I am in dispute with a homebuilder over a decision they have made at the point of exchange of contracts on the sale of my property. I have made a formal complaint to them, but should I have to escalate it, the landscape of regulation for shared equity schemes is not easy to wade through.

Shared equity schemes used to be governed by the Office of Fair Trading as they fell under the Consumer Credit Act, but there were plans to move the jurisdiction to the Financiial Services Authority by late 2012.

Now the FSA no longer exists but to all intense and purposes they do exist in the form of the Financial Conduct Authority.

I have had discussions with the Financial Ombudsman Service about referring the dispute to them should I need to as it is a second charge on our property, but does anybody know if the regulation did shift to the FSA before they became the FCA and so now lies with the FCA, or whether these schemes are still governed by the CCA and the OFT?

How many acronyms is that?

Cheers - any thoughts appreciated.

damoc73

I think I have finally found the answer to this after lots of digging.

The jurisdiction will transfer to the FCA from April 2014 so currently sits under the CCA, but if that's the case then CCA complaints need to be directed to the Financial Ombudsman Service. So if the response is unsatisfactory, all roads lead to them.