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MSE News: Bank of Ireland rate rises: FCA won't take action

"The FCA won't take action against the Bank of Ireland for hiking base rate tracker mortgage rates, it has been revealed..."
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Bank of Ireland rate rises: FCA won't take action

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Comments

  • Pincher
    Pincher Posts: 6,552 Forumite
    1,000 Posts Combo Breaker
    Business as usual at the name changed FSA, then.

    Leopards don't change their spots.

    The order of food chain is undisturbed: customers are to be caught with empty promises and then fleeced and devoured at the product provider's leisure.
  • chewback
    chewback Posts: 67 Forumite
    Part of the Furniture Combo Breaker
    Do you need any more evidence that the FCA is in the pockets of the banks!!!!!!
  • ILW
    ILW Posts: 18,333 Forumite
    It's only an issue for those that did not read their contracts, or get someone qualified to explain it to them.
  • dunstonh
    dunstonh Posts: 118,547 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    As the BoI was not regulated by the FSA at the time of the mortgage sales, what do you think it could do?

    Plus, many of the mortgages were unregulated buy to lets. So, you get lower levels of consumer protection on those (even if it had post October 2004).

    And finally, it turns out that it was in the T&C.

    The article says that people should fight on and then got to the FOS. However, all these mortgages were prior to regulation or are unregulated and you dont get access to the FOS in those cases.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    chewback wrote: »
    Do you need any more evidence that the FCA is in the pockets of the banks!!!!!!

    The actual facts are more important than opinion.
  • JuicyJesus
    JuicyJesus Posts: 3,830 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    chewback wrote: »
    Do you need any more evidence that the FCA is in the pockets of the banks!!!!!!

    Yes. Because they're not.
    urs sinserly,
    ~~joosy jeezus~~
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