I can't post links yet as i need 10 posts, so go on the FCA website:
Search for:
Fairness of changes to mortgage contracts
June 2014
DP14/2
I'm trying to find out what grounds to base my letter of complaint on. I will probably need to speak to some in the FCA to get advice. But I was reading this and found....
Principle 6
2.8 Principle 6 provides that firms must pay due regard to the interests of their customers and treat
them fairly.
Principle 7
2.14 Principle 7 says that firms must pay due regard to the information needs of their clients and
communicate information to them in a way that is clear, fair and not misleading.
For example:
1. A lender may have the right to increase the interest rate applicable to its regulated mortgage
contract, and the respective contract term might be fair under the UTCCRs. However, if the
lender uses that right to take advantage of the fact that many of its customers are ‘trapped’
borrowers and will be unable to exit the contract and refinance, the lender may be in breach
of Principle 6.16
2. A lender might comply with a contractual requirement to provide notice to its customers
of a change to its regulated mortgage contract, and the term that states this requirement
might be fair under the UTCCRs. However, if the notice is not clear, not fair or is misleading
(for example, the relevant information about the change is not sufficiently prominent), the
firm may be in breach of Principle 7
Did you receive a letter in 2008 about the SVR Cap margin increase?
I only received a letter five years later; the letter with the M001 code.