Re: Advice about governing bodies for companies NOT regulated by FSA?

Hearse-girl

Hi there!

I really hope there is someone out there who can help me with a question I have got please?

Myself and my partner needed help getting back on track with our finances. We contacted a local company whom we had dealings with many years ago in getting us back on track (we responded to ad advert in our local paper). A Financial Advisor came to see us and we re-mortgaged - or so we thought.

To cut a very long story short, there never was a re-mortgage. We were conned big time. It resulted in our home being repossessed (as we had a suspended repossession order on our home). I am glad to say that the police are involved and are taking the matter extremely seriously, but the financial situation we have been left in is horrific.

We have made formal complaints with the FSA and the FOS. But the FOS said that they could not do anything to help about this company as they are not regulated by the FSA. And to be truthful, the FSA don't appear to be doing a fat lot, as this company still advertise mortgages and remortgages. They are STILL not regulated by the FSA to this day!! Plus, the FSA won't give me an update as to what they have already done or intend to do, which I think is unnacceptable.

Therefore, my question is...... is there a governing body or anyone that can help with regards to complaining about this company? I complained to them formally in writing, followed the proper channels from the FOS about complaining, but they never responded. It seems very unfair that there doesn't seem to be a governing body that protect the consumer from financial crime from companies that are not regulated by the FSA. I have been placed on the repossessions register and everyone who were involved at the time have simply washed their hands of us, claiming it was nothing to do with them. They do not want to know. Now the court claims are coming through thick and fast and letters threatening bailiffs and debt collectors are coming through the door. I feel in a very vulnerable position and don't know what to do for the best.

If there is anyone that can point me in the right direction, it would be very much appreciated.

Thank you for taking the time to read this posting.

payless

can you provide any names/ weblinks ?

dunstonh

The FSA regulate companies that are authorised by the FSA. If companies act illegally then it is very often a criminal matter.

There are a number of transactions that are not regulated by the FSA. Most of which you would think should be.

is there a governing body or anyone that can help with regards to complaining about this company?

The police.

I complained to them formally in writing, followed the proper channels from the FOS about complaining, but they never responded.

The FOS have no juridstiction here. They are paid for by those that are authorised by the FSA to cover clients that purchase from firms that are authorised by the FSA.

As payless says, can you give us the name (and website) of this company so we can look into the authorisation and see if they are transacting in an area that does need you to be authorised.

Dan_Collins_2

OFT may help as they may in breach of the Consumer credit act or in breach of a licence?!?! More info on this one I think!

If the police are involved then if it gets there the courts will help with any money you are owed.

poppy10_2

Name and shame - who are they?

Hearse-girl

I can't name at this stage the company who we initially contacted as the financial advisor in question has been arrested and has admitted to a numerous number of criminal activities that not only are connected to us, but also other people who have been misfortunate enough to have had dealings with him. I won't jepodise the case as such alot has happened I need answers as the company have done nothing but lie. What is that saying....... give them enough rope and they'll hang themselves?? We are awaiting to hear what he will be formally charged with but when it goes to court, I will be definately name and shame them!!!!!!!

dunstonh

If the police are involved then it appears that some action is being taken. You should be in contact with the police as a victim of crime.

Hearse-girl

I have posted a quick reply on poppy10's question. The company are an estate agency firm that have a "financial firm" within them. They are on the FSA register but haven't been authorised/regulated since 2004. They have a mortgage provider within their financial company who are FSA regulated and I have formally complained to the FSA & FOS about them. The FOS are investigating at present and we are awaiting the outcome. However, the "financial firm" have been placing adverts similar to what we responded to, aimed at "sub prime business" and in particular claiming they are a member of this broker group. But they are purposely misleading the consumer as the FSA register does not link them in any way, shape or form with each other. I'm just annoyed that companies are allowed to get away with this when we have lost absolutely everything.

Hearse-girl

Unfortunately the police are limited as to what they can do regarding our case. Hopefully when the person in question goes to court he will receive a custodial sentence. However, we've been told that our only option is to take legal action through the civil courts, but we simply can't afford to do that. That's why, I was hoping that there was some sort of governing body that deals with companies that purposely aren't regulated by the FSA when selling, advertising or giving mortgage advice.

Dan_Collins_2

Can you not get legal aid if it is via the civil court? might be worth a question, cab may know, or the law society.