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FSA protects consumer against sharks, WHO proctects consumer against FSA?
whatif_2
Posts: 13 Forumite
FSA protects consumer against sharks, WHO proctects consumer against FSA?
As I understand things (please correct my if I'm wrong) the average number of complaints against mortgage companies over the last few years has been around 100 p/a. I believe about 50% where upheld. (mortgage doesn't not equal endowment)
Talk about sledge hammer to crack nut!!! :eek:
And the end result! Less competitive products, 100% increase in applications fee and 200% increase in discharge fees :mad:
:think: Wouldn't it have been better to just regulate those types of mortgages which may cause problems i.e extented tie in periods, lifetime, adverse etc...
As I understand things (please correct my if I'm wrong) the average number of complaints against mortgage companies over the last few years has been around 100 p/a. I believe about 50% where upheld. (mortgage doesn't not equal endowment)
Talk about sledge hammer to crack nut!!! :eek:
And the end result! Less competitive products, 100% increase in applications fee and 200% increase in discharge fees :mad:
:think: Wouldn't it have been better to just regulate those types of mortgages which may cause problems i.e extented tie in periods, lifetime, adverse etc...
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Comments
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I dont know if you are posting as a consumer or a customer.
The cost of regulation is massive. My regulatory fees come to over £6000 a year. I have never had a complaint and do not transact in high risk areas of business. Yet i have to pay for those that do.
Of course, charges are higher because of it as I have to recover my costs somewhere.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.0 -
I think he's a naffed off IFA or a confused consumer.If you don't know what you are talking about keep quiet0
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Mortgages weren't regulated until late last year. :rolleyes:Trying to keep it simple...
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Ok, he/she is a mortgage broker, silly me.If you don't know what you are talking about keep quiet0
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