Ashok and Beatte believed their bank had given them the wrong advice and sold them an unsuitable mortgage
What happened
Ashok and Beatte said their bank sold them a mortgage that wasn’t right for them. However, the bank said it hadn’t given them this advice.
All of the mortgage documents said that the sale was on a non-advised basis. This means the bank didn’t provide personal recommendations, leaving the couple to decide for themselves.
What we said
We reviewed the evidence provided by the bank. It showed us a copy of the script it used to sell Ashok and Beatte the mortgage. We also saw a statement from the employee who had handled the mortgage sale.
The information indicated that the bank had likely followed its neutral, non-advised process and that Ashok and Beatte had been provided with a range of options. At the time, sales like this were allowed as long as the bank made clear it wasn’t giving them advice, and gave them enough clear information to decide for themselves.
So, we concluded that the bank hadn’t wrongly advised them. We explained the reasons behind our view and did not uphold Ashok and Beatte’s complaint.