Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 February 2024 to Question 15211 on Mortgages: Misrepresentation, what redress is available to people missold shared appreciation mortgages not covered by Financial Ombudsman Service rules.

The Financial Conduct Authority (FCA), which is operationally independent of Government, has responsibility for the conduct regulation of shared appreciation mortgages. The FCA sets the rules regarding the information that must be disclosed before, during and after sale of mortgages and, in addition, the jurisdiction of the Financial Ombudsman Service (FOS).

Products like shared appreciation mortgages have been regulated since 2004 when wider mortgage regulations were first introduced, however a consumer’s right to pursue redress through legal channels is unaffected by the jurisdiction of the FOS. Anyone considering this option should consider seeking independent legal advice.