Currently viewing the tag: "Financial Ombudsman"

FCA Not Interested In Mis-Selling Of Interest-Only MortgagesFCA Claim There Is No Evidence Of
Mis-Selling Interest-Only Mortgages

The Financial Conduct Authority (FCA) has stated that there will be no further investigation into whether interest-only mortgages were widely mis-sold in the UK.

The FCA have concluded that the vast majority of borrowers with interest-only mortgage deals understood exactly what they were taking on, diminishing the chance of lenders facing mass claims for mis-selling mortgages.

Martin Wheatley, Chief Executive of the Financial Conduct Authority (FCA) responded to an enquiry from the Treasury Select Committee, saying: “The vast majority of customers understood the mortgage product they were sold and understand the need to repay the mortgage balance and have plans, albeit in some circumstances imperfect, on how to repay”.

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