miss sold commercial mortgage

vtxbrit

Hi,


in the early 1980's I took out a pension linked mortgage on a commercial property the mortgage reached full term 4 years ago and there was a large short full, on my predicted balance, I was advised that there was a good case for compensation however when I enquired about compensation (FSA) I was basically told the compensation rules do not apply on commercial mortgages
Have I been given the correct information or do I have some grounds for a claim.


vtxbrit

haras_nosirrah

They are right

Protection is for regular people who have to be protected as it is deemed that they don't necessarily know what they are doing and are putting their trust in other people.

As a commercial mortgage is for business people it is deemed that you are smart enough to do your own research and as the transaction is business to business you do not get consumer protection (same as btl mortgages are not regulated)

You have no redress

dunstonh

There appears to be a couple of issues.

1 - Commercial borrowing as you have mentioned
2 - regulation on pensions didn't start until 1988.
3 - you have three years to complain about an issue once you are reasonably aware of it. You reached full term 4 years ago.

vtxbrit

Thank you for taking the time to reply, I thought it would be a long shot...its frustrating that the moment you mention "commercial" or "business" the rules concerning many day to day aspects change dramatically, I am a fully qualified engineer you want calculations concerning stress, moments or deflections i'm your man but I am not an accountant of financial adviser, that's why I enlisted the advise from a mortgage broker all those years ago if every business owner is expected to be fully conversant with tax and lending rules/regulations there wouldn't be the need for accountants or brokers..................sometimes I wish I had become a financial adviser as the minimum package seems to be a house in Spain (with a mooring and boat) a large "farmhouse" in the uk with the Ferrari and stunning girlfriend (that the wife is not aware of) for weekend pleasure........ho-hum back to reality.
regards,
vtxbrit

Thrugelmir

Any decision that involves "investment" of any kind has to be monitored on a regular basis. A good idea today may not be tomorrow.

dunstonh

sometimes I wish I had become a financial adviser as the minimum package seems to be a house in Spain (with a mooring and boat) a large "farmhouse" in the uk with the Ferrari and stunning girlfriend (that the wife is not aware of) for weekend pleasure........ho-hum back to reality.

And admin coming out of you ears and a lifetime of liability that could see you dealing with advice you gave 30-40 years earlier when you are in your 90s.