Mortgage complaints to us, say FSA
20 February 2004
Customers will soon be able to take complaints about insurance and mortgage issues to a higher body.
Currently, any issues regarding firms who are a part of the Mortgage Code Compliance Board (MCCB) and General Insurance Standards Council (GISC) are dealt with independently, but that is soon to change.
From October 31st this year, the Financial Services Authority (FSA) will begin regulation of mortgage issues, while complaints regarding general insurance will come under its jurisdiction from January 14th 2005.
Consumer complaints will then be transitioned from the MCCB and GISC to the Financial Ombudsman Service (FOS).
"These arrangements will benefit consumers by providing a seamless transition to regulation - with no gap in consumer protection, and provide certainty for the industry," financial secretary Ruth Kelly said.
"The arrangements were overwhelmingly supported by respondents to the consultation."