Financial Ombudsman Service

3thsn

Hi. I have a problem with the Financial Ombudsman Service. After raising a complaint against First Complete mortgage advisors (Reeds Rains) regarding the shockingly poor service we received from them i was told by the FOS that because the mortgage product was a buy to let they could not investigate as the product is not regulated. I explained that i was not complaining about the product but rather the service which lost us money. However they said that they could not investigate any complaint if it was in any way related to the un-regulated product. Is this true and are there alternative ways without legal action to get our money back? Any help would be great as we are just accidental landlords, have little experience and feel like we are being ripped off. Many thanks.

ACG

Did you live in the property at one point?
If you did then it is a consumer buy to let, which according to my understanding has the same regulation as a residential mortgage.

Has this all happened recently?

glosoli

Could you elaborate on what you mean as an "accidental landlord?"

If your application was a consumer buy to let, then it is a regulated product, and as such I understand to be within the FoS remit to look into. If it was an unregulated buy to let, then the FoS are right and it isn't their remit to look into. Assuming you have exhausted the firms internal complaints process then perhaps the legal route may be the only option available.

Bermonia

The best people to ask about activities the FOS can and can’t consider are the FOS - they have already told you the answer and it is correct.

Your only other recourse would be the legal route, however please keep in mind there are costs to this and the burden of prof will upon you the accuser - so ensure your case is strong before you even think about throwing money at this.

Thrugelmir

3thsn wrote: »

Any help would be great as we are just accidental landlords, have little experience and feel like we are being ripped off.

Accidental in what way. Not selling a property was your choice. Likewise applying for what is considered a business product.

dunstonh

However they said that they could not investigate any complaint if it was in any way related to the un-regulated product. Is this true

That is correct.

Is this true and are there alternative ways without legal action to get our money back?

no.

Any help would be great as we are just accidental landlords, have little experience and feel like we are being ripped off.

How are you being ripped off?

Amst

dunstonh wrote: »

How are you being ripped off?

BECAUSE EVERYTHING THAT HAPPENS IS SOMEONE ELSE'S FAULT!!>1VWJBVSVS!!!XX1x

minimike2

What exactly is your complaint, as you don't indicate what that is other than poor service leading to a loss.... Can you elaborate?

BTL applications are rarely done on advised basis due to their non-regulated status. Even consumer BTL's don't have to come with advice, so what you do next really depends on what your actual complaint is....