Devious Marketing

I am currently in written communication with Bank of Scotland on behalf of an elderly friend of the family who took out a BOS SAM in 1997, and who is now very stressed about the impact of what has happened in terms of the repayment she needs to make to pay off the mortgage. I am currently awaiting a reply from BOS to my latest letter.

I am sure that the way in which the product was marketed was devious, and as your web-site says with no cap on the product (and no indication at all of an up-side risk based on changes to the rate of house price appreciation - which as we know is what has caused the problem faced by those who took out this product) the banks have failed in their ‘duty of care' to their customers.

More than that I think it could be shown that they have deliberately misled their customers.