FCA Regulator link to reporting "unfair terms"

[Guest]

Re: FCA Regulator link to reporting "unfair terms"

Just for the sake of the newer member, and in the hope that it will avoid them being embroiled in the misunderstanding which is the cause for many on here going around in circles for the last god knows however many years.

First charge land mortgages are not regulated under the consumer credit act, they never have been.
Second charge mortgages were regulated under the act before 2008 and if they were under 25K after this date all second charge mortgages, or loans secured on land are regulated under the CCA.

There is a difference between a credit supplier requiring a license and an agreement being regulated.
The requirement for a company to hold a credit liscense can be exempted under section 16 of the act this has absolutely nothing to do with an agreement being regulated or not, this as said is down to section 8 of the cca and applies to that particular agreement, whether the supplier holds a credit license or not.

This is not an opinion or "what someone will tell you" this is what anyone who understands the situation will tell you and is on various threads by various creditors addressed to the same people again and again who for some reason fail to grasp this simple concept.

Hope that helps.

[meellis]

Re: FCA Regulator link to reporting "unfair terms"

Andy I grasp that concept totally , Amelia has what she believes to be a first charge mortgage which every regulatory body is telling her is un-regulated. Now you might be able to put her onto the right path as to who her mortgage could have been regulated by or whether there is such a thing as an un-regulated first charge mortgage. I didn't say the link I gave her was the answer I was just hoping it might give links to who might have been responsible for overseeing mortgages when she took hers out. This thread has been going on for a while so maybe you could have popped in sooner to clarify matters instead of just turning up and condemning an effort to supply a starting point to find out who might have been overseeing mortgages.

[Fred]

Re: FCA Regulator link to reporting "unfair terms"

Its not information that is "freely available" without knowing what you are asking for........so is & will continue to be a problem.

Its not clear on what (loans unregulated pre-April 2008) are subject to in terms of the CCA 1974. (second charge) or otherwise for that matter.

Its not at all clear what the law means for consumers with "unregulated" loans nor is the detail published anywhere other than what one may or should expect.

Its not clear what the future holds for those with longevity partly as resultant from the above but moreover from following the law as it itself evolves & the potential abuses that can be applied due to ignorance.

This is a major problem that needs attention its all out of date.....................I am trying my best to get some answers from our regulator which started over six months ago.

The thread is mainly for implementing & posting resultant regulatory UTCCR enquiries, I hope that people are not afraid of using the system & not diverted by dated ancillary objections.

[Guest]

Re: FCA Regulator link to reporting "unfair terms"

Its not information that is "freely available" without knowing what you are asking for........so is & will continue to be a problem.

Its not clear on what (loans unregulated pre-April 2008) are subject to in terms of the CCA 1974. (second charge) or otherwise for that matter.

Its not at all clear what the law means for consumers with "unregulated" loans nor is the detail published anywhere other than what one may or should expect.

Its not clear what the future holds for those with longevity partly as resultant from the above but moreover from following the law as it itself evolves & the potential abuses that can be applied due to ignorance.

This is a major problem that needs attention its all out of date.....................I am trying my best to get some answers from our regulator which started over six months ago.

The thread is mainly for implementing & posting resultant regulatory UTCCR enquiries, I hope that people are not afraid of using the system & not diverted by dated ancillary objections.

sorry Fred but it is perfectly clear. a simple google search will reveal that pre 2008 second charge agreements over 25k are unregulated by the consumer credit act, or the FSA , first charge mortgages are regulated under the FSA have been since 2005 this is also completely accessible information, there is no secret.

[meellis]

Re: FCA Regulator link to reporting "unfair terms"

Your thread is on a different subject Fred so sorry it has been taken over a bit, this will be my last post on this subject. The 1st charge Amelia had Andy was pre FSA which is why I was trying to indicate that even pre FSA 1st charge mortgages are different than 2nd charge and why I was trying to find a starting point so she can find out who was responsible for mortgages pre FSA. I was trying to find out so that Amelia was not researching unfair terms unless it was truly of use so you if you could actually provide any answers pre 05 it might be useful, all the relevant info was in the thread.

[Guest]

Re: FCA Regulator link to reporting "unfair terms"

Why did yo not just ask. Pre 2005 first charge mortgages were under the purview of the banking code, this was a voluntary arrangement cannot be called regulation really, however that is all there was, that and common law of course.
It has to be remembered that when we talk about regulation we are talking about the regulation of the agreement not the placing of the change on the property, this procedure si now identical in both situations.

[Guest]

Re: FCA Regulator link to reporting "unfair terms"

Your welcome

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

thank you everyone for your input -
it is truly confusing to me and I think of myself as being at least average intelligence! LOL - however, I am grateful to those attempting to provide clarity!

I am aware I could easily have gone off at a tangent because the subject is so vast -
I truly would like to know, either I am the unable to grasp this or the regs and codes are lacking and if so, those overseers of same need to stand up and be counted.

I may not get what I personally feel is redress of any kind, but I do expect clarity from the regulators for the consumer...............................

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

Your thread is on a different subject Fred so sorry it has been taken over a bit, this will be my last post on this subject. The 1st charge Amelia had Andy was pre FSA which is why I was trying to indicate that even pre FSA 1st charge mortgages are different than 2nd charge and why I was trying to find a starting point so she can find out who was responsible for mortgages pre FSA. I was trying to find out so that Amelia was not researching unfair terms unless it was truly of use so you if you could actually provide any answers pre 05 it might be useful, all the relevant info was in the thread.

yes thanks, to save trawling back through thread,
mine was over 25K,
1998
first charge (as right to buy) council house as a tenant using discount scheme
arranged by a rep only offering the one subprime product
included additional lending in sum borrowed (not multiple agreement)
does not show total to repay
rep (broker) no longer in business and appears on fscs site

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

do not see my lender on that list, they were a well known (now) lender, subjec to a class action in USA, operating in UK, have morphed and changed over the years, and could now be owned by Bank of Scotland, mortgage is owned by one and serviced by another.

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

Why did yo not just ask. Pre 2005 first charge mortgages were under the purview of the banking code, this was a voluntary arrangement cannot be called regulation really, however that is all there was, that and common law of course.
It has to be remembered that when we talk about regulation we are talking about the regulation of the agreement not the placing of the change on the property, this procedure si now identical in both situations.

thankyou, that is all there was, I hoped the unfair terms regs applied, re the dates of my product(1998) and unfair terms regs certainly existed at that time. this as previously stated, FCA have blown out of the water, however, this may not be correct for them to have done so?

[Guest]

Re: FCA Regulator link to reporting "unfair terms"

thankyou, that is all there was, I hoped the unfair terms regs applied, re the dates of my product(1998) and unfair terms regs certainly existed at that time. this as previously stated, FCA have blown out of the water, however, this may not be correct for them to have done so?

Was your agreement still running in 2008 ?

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

Was your agreement still running in 2008 ?

hello, still running

[Fred]

Re: FCA Regulator link to reporting "unfair terms"

We all have the opportunity to use the the FCA reporting facility that follows, this could be anything on your contract that you find limits your rights or causes significant imbalance as the following notes explain:

The Regulations set out a test for deciding whether a term is unfair. Under this test an unfair term is a term that creates a significant imbalance in the parties’ rights and obligations to the detriment of the consumer. For example, a term that allows the seller to change the terms of the contract without a valid reason and without consulting the consumer may be unfair. However, ultimately only a court may decide conclusively whether a term is unfair under the Regulations.In deciding whether a particular term does create a “significant imbalance” between the rights and obligations of the parties we may also, where relevant, take into account other potential breaches of other rules or guidance. It is also important to note that we take a risk-based and proportionate approach to regulation. When deciding whether to take action as a result of an unfair term, we consider factors such as the number of consumers who may be affected and the actual or potential harm. For example, it would not be proportionate for us to spend resources on a case where the number of consumers likely to be affected is low. In addition consumers retain the right to refer individual disputes to FOS.
Our views on the fairness of contract terms do not affect a consumer’s right to take further action themselves, as only a court can ultimately decide if a term is unfair.

The link;


http://www.fca.org.uk/firms/being-re...contracts/faqs


Use drop down menu Q14 :


Q14: What should I do if I think I am subject to an unfair term?
Answer:
Where a consumer believes that a term creates a significant imbalance between their rights and obligations and those of the firm or that a term is not expressed in plain and intelligible language, they should refer the matter to the Consumer Contracts team for their consideration.
Contact us:
Online reporting form
Email: consumer.contracts@fca.org.uk
Postal address: Consumer Contracts Team, Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS
Checklist - does your concern fall under the scope of the Regulations?
---------------------------------------------------------------------------------------

A typical example of an already successfully disputed term under the UTCCR 5.1 regs ( http://en.wikipedia.org/wiki/Unfair_...gulations_1999 )

as follows :

“We may from time to time vary our interest rate. We may
increase or reduce our interest rate to reflect a change which
has occurred or which we reasonably expect to occur in interest
rates generally or to ensure that our business is carried on
prudently, efficiently and competitively"

You can find these terms on your signed contracts & in my most humble opinion there are a hell of a lot of very questionable terms being used to consumer detriment.

Please take a look at the the other bullets & use the "checklist" on Q14 if in doubt !

If you decide to make a complaint it is most likely you will receive an automated response, its a bit impersonal but bear in mind this is a numbers game & the more information/s supplied increases the chances of actions for the benefit of all consumers.

Have a go :director:

Ps; it would be wonderful if you can provide any responses !


I have had a response from the FCA following a complaint.

They have confirmed they will look into the details put to them in April last year...............sadly that is as far as I can go in terms of posting anything but the "complaint" remains & has been forwarded to the next level as other matters pertain.

There is no reason for any body with any reasonable assumption over their allegedly "unfair" terms can not post to the FCA............it really is easy & there is nothing in terms of "luck"........the more that folks put forward their concerns the better we public stand.

Please have a go.

I have had a response from the FCA following a complaint.

They have confirmed they will look into the details put to them in April last year...............sadly that is as far as I can go in terms of posting anything but the "complaint" remains & has been forwarded to the next level as other matters pertain.

There is no reason for any body with any reasonable assumption over their allegedly "unfair" terms can not post to the FCA............it really is easy & there is nothing in terms of "luck"........the more that folks put forward their concerns the better we public stand.

Please have a go !

[Fred]

Re: FCA Regulator link to reporting "unfair terms"

http://www.legalbeagles.info/forums/...air-terms-quot


over 5000 views & little in terms of any feedback........................surely there must be an opinion in terms of progression or not & if so worthy of post please .:fish2: