Ulster FSPO process

J

JMexubbanker

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Hi there
We have a complaint in with FSPO since LAST October regarding our tracker mortgage. We got an update on 28th of May to advise they had sent our investigation to the bank. There is a whole list of information they are after. They advised me the bank have 20 days to reply... I've asked them what happens if the bank don't reply or give them the information in that time. I've never complained like this before and I'm just wondering what happens if the bank delay the process which in my opinion is likely knowing delays I have experienced. Would love to hear from someone who has been through the process. Thank you
 
I'll answer here anyway, feel free to move if necessary.

I've just finished a meditation/resolution process. Were you asked to send documents as part of this phase or are you already gone to an investigation?
If it is the resolution/mediation phase you are in, the FSPO officer will be eager for both parties to complete the process in the expected timeframe of 12 weeks. Since the FSPO has got involved the bank seems to respond quicker and a little more professionally with less dragging of the feet.
 
TrackerThieves said:
I'll answer here anyway, feel free to move if necessary.

I've just finished a meditation/resolution process. Were you asked to send documents as part of this phase or are you already gone to an investigation?
If it is the resolution/mediation phase you are in, the FSPO officer will be eager for both parties to complete the process in the expected timeframe of 12 weeks. Since the FSPO has got involved the bank seems to respond quicker and a little more professionally with less dragging of the feet.
Click to expand...
Hi there
The bank declined the chance to mediate back in October. I've been given the opportunity to send further docs to the FSPO twice now and did that and they have advised when bank have until to reply...they have asked the bank for a whole host of evidence and paperwork..glad to hear that the Bank do work fast when FSPO are involved.
Thanks again for your help
 
JMexubbanker said:
Hi there
The bank declined the chance to mediate back in October. I've been given the opportunity to send further docs to the FSPO twice now and did that and they have advised when bank have until to reply...they have asked the bank for a whole host of evidence and paperwork..glad to hear that the Bank do work fast when FSPO are involved.
Thanks again for your help
Click to expand...
From what I was told, once it goes to investigation it is a completely separate department and will require a lot more documentation from both parties. They hope to complete the investigation within a timeframe of 12 months. I'd make a list of questions or queries for when you speak with them next. From the sounds of it the investigation process is only beginning and I think it will all be explained as I have found the FSPO to be really thorough and wants you to understand how the process works so as to be very clear to what the issues are.

I would be interested to hear how others have found the investigation phase and the level of engagement of the banks during this period.
 
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