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HSBC UK Bank Plc

Financial Ombudsman decision DRN9565014 Not upheld

The Ombudsman does not print a decision date. The date above is the deadline the consumer was given to accept or reject the decision, which is set about a month after it was issued. It is reliable to the year, not to the month.

What this decision was about

Irresponsible lending, Product mis-sold

In the Ombudsman’s words

Mr M has complained that HSBC UK Bank Plc refused to lend him money and as a result he’s suffered significant losses.Irresponsible lending

HSBC’s said in 2010 Mr M told it he was having difficulty keeping up with the repayments and asked if it would consider accepting interest only repayments for the next 12 months. HSBC said it couldn’t do this. So, Mr M sold the property and repaid the loan in July 2010. Mr M then complained that he was charged an early repayment fee that he wasn’t expecting. HSBC didn’t think this had been charged unfairly at the time but offered a goodwill gesture for other issues that had been raised by Mr M, which he accepted. Mr M closed his current account with HSBC in 2011. In 2016 HSBC undertook a review of past fixed-rate loans, which included the commercial mortgage taken by Mr M in 2009. It found that it shouldn’t have offered Mr M the loan with a fixed interest rate. Instead, the loan should’ve had a variable interest rate, meaning no early repayment charge would’ve been payable when Mr M repaid it early in 2010.Product mis-sold

Source

This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN9565014.pdf on financial-ombudsman.org.uk.

The outcome shown is the Ombudsman’s own published classification, not our reading of the text. Nothing here is legal advice, and a decision concerns only the complaint it was made about.