Tips from the Lead Ombudsman - Banking & Finance
- If a consumer comes to you in financial difficulty, consider whether there has been a possible breach of the responsible lending provisions. It is best to raise all issues at once.
- Ask your client about their financial position at the time they applied for the loan and what information they were asked to provide.
- Ask the lender for a copy of the suitability assessment – these must be provided on request and free of charge.
- Compare the two for any discrepancies and ask your client about them.
- Contact the lender’s internal dispute resolution area and ask for a detailed response.
- If the lender agrees there has been a breach, have a discussion about how it ought to be resolved.
- Encourage your client to continue making payments of whatever they can afford – the claim may not be successful and they do not want to get too far behind in their repayments.
- Familiarise yourself with the following FOS publications: