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Alison Wright's avatar

Response from the Financial Conduct Authority:

"Dear Alison Wright,

Thank you for contacting the Financial Conduct Authority (FCA).

Our summary of your query

I understand you've copied us into an email to Mortgage Prisoners APPG members alongside MP Seema Malhotra. You've expressed the disappointment of the Mortgage Prisoners APPG to secure meaningful resolutions or compensation for the 270,000 individuals trapped by UK Asset Resolution’s (UKAR) sale of Northern Rock mortgages to non-FCA-licensed entities. I appreciate the time you've taken to make us aware of your concerns.

Our response

Thank you for the information you have provided, this has been logged and made available to the appropriate area. Any information we receive is taken seriously as it helps us in our supervisory work with the firms we regulate. Unfortunately we cannot give feedback due to certain legal restrictions covering our work.

You've taken the right steps to raise this with your local MP if you're unhappy with APPG members.

Kind regards,

Lindsey Blair

Supervisor / Supervision Hub

Supervision – Retail and Authorisations Supervision / Tel: 0800 111 6768

12 Endeavour Square

London

E20 1JN

Tel:+44 (0)20 7066 1000

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Alison Wright's avatar

Update on the APPG on Mortgage Prisoners:

"The All-Party Parliamentary Group (APPG) on Mortgage Prisoners has published a call for evidence for its inquiry into mortgage prisoners.

The APPG is particularly interested in hearing from mortgage prisoners about their situation and what changes they would like to see introduced.

THIS APPG NO LONGER EXISTS. ​

DURING THE DISSOLUTION PERIOD THERE ARE NO MPs AND APPGs CEASE TO EXIST.

​The APPG on Mortgage Prisoners wrote to the FCA and CMA in 2020 asking for them to introduce a cap on Standard Variable Rates." https://www.appgmortgageprisoners.com/

The APPG on Mortgage Prisoners disbanded without achieving its main objective, leaving mortgage prisoners without the policy change or redress it sought. This underscores the need for new strategies and more robust scrutiny of all parties involved in the mortgage prisoner crisis. I'll direct further complaints to the FCA, directly.

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