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High Court dismisses appeal from decision of the Financial Services Ombudsman (FSO), and affirms refusal to uphold complaint against a financial organisation in respect of a 2007 mortgage, where the borrowers alleged that a bank official told them that the standard variable rate would be a "tracker" of the ECB interest rate, and where they knew in 2010 that it would not be a "tracker" but did not make a complaint to the FSO until 2013, on the grounds that the complaint was made outside the six-year time limit.
Appeal from decision of Financial Services Ombudsman (FSO) - s. 57CL of the Central Bank Act 1942 - refusal to uphold complaint against financial organisation - 2007 home loan - mortgage agreement - belief of borrowers that variable rate would be linked to European Central Bank rates - alleged representation by bank official - term "Standard Variable Rate" - reference in definition to ECB rates - whether rate was "tracker" - notification in 2010 that rate would not be adjusted in line with ECB rates - complaint to FSO in 2013 - six year time limit - dismissal of complaint by FSO as mortgage was more than six years prior to complaint - whether correct interpretation of time limit in s. 57BX(3)(b) of the 1942 Act - whether a "serious error" by FSO - whether "mis-selling" by bank official.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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