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Tips from the Lead Ombudsman, Banking & Finance
  1. If a consumer comes to you in financial difficulty, consider whether there has been a possible breach of the responsible lending provisions. It is best to raise all issues at once.
  2. Ask your client about their financial position at the time they applied for the loan and what information they were asked to provide.
  3. Ask the lender for a copy of the suitability assessment – these must be provided on request and free of charge.
  4. Compare the two for any discrepancies and ask your client about them.
  5. Contact the lender’s internal dispute resolution area and ask for a detailed response.
  6. If the lender agrees there has been a breach, have a discussion about how it ought to be resolved.
  7. Encourage your client to continue making payments of whatever they can afford – the claim may not be successful and they do not want to get too far behind in their repayments.
  8. Familiarise yourself with the following FOS publications: