Mortgage mis selling

Alydavies

I have found out the broker who sold me my mortgage in 2007 was a subsidiary company of the bank they arranged my mortgage with. Do I have any legal rights to complain under the conflict of interest law x

[Deleted User]

No you cannot

dunstonh

I have found out the broker who sold me my mortgage in 2007 was a subsidiary company of the bank they arranged my mortgage with.

Mortgage brokers can range from single tied through to independent (with classifications in between).

do I have any legal rights to complain under the conflict of interest law x

if you do not use an independent then you are not going to get an independent service. There is no wrong doing here (but next time go to an independent if you want that)

magpiecottage

FSA (as was) Principle 8 requires them to manage any conflict of interest fairly, so you can complain if you do not believe they did.

However, if they disclosed to you at outset that they were a subsidiary, or it was genuinely the best deal for your circumstances in the market, you are unlikely to get anywhere. This is likely to be so if they were independent as they will probably have kept a record of the search for a product.

On the other hand, if they disclosed that they only sold the products of their parent company, there is no conflict of interest because you already knew.