Affordability complaint with FOS - bank statements

sourcrates

The lenders usually comply with FOS decisions, but there is no way the FOS alone can actually force them to do so.

However, if a pattern of such behaviour was to emerge, the FCA would then possibly act, they do have the power to fine and impose restrictions on lenders.

GeekieGirlie

sourcrates said:

The lenders usually comply with FOS decisions, but there is no way the FOS alone can actually force them to do so.

However, if a pattern of such behaviour was to emerge, the FCA would then possibly act, they do have the power to fine and impose restrictions on lenders.

Ok that’s great, thank you. 

ManyWays

To be clear, a lender has to abide by a Final Decision from an Ombudsman and in the very rare cases where they dont, you can go to court to enforce the FOS decision. Not refight the case in court, you have already won it, but get the county court to rubber-stamp the FOS decision so you can send round bailiffs. Its not something I have ever seen done, but that legal right is why lenders do pay in the end. (Unless they are going into insolvency of course)

GeekieGirlie

ManyWays said:

To be clear, a lender has to abide by a Final Decision from an Ombudsman and in the very rare cases where they dont, you can go to court to enforce the FOS decision. Not refight the case in court, you have already won it, but get the county court to rubber-stamp the FOS decision so you can send round bailiffs. It’s not something I have ever seen done, but that legal right is why lenders do pay in the end. (Unless they are going into insolvency of course)

Great thank you this is good to know