At Somo, we take pride in operating with integrity, fairness, and transparency - values that have been recognised time and time again by the Financial Ombudsman Service (FOS).
In a recent case, a borrower raised a complaint regarding a bridging loan, arguing that the repayment terms should have been adjusted due to the financial impact of COVID-19.
The borrower requested a repayment deferral or a waiver of interest, citing pandemic-related challenges. Somo declined, adhering to the original agreement while offering support in securing alternative refinancing options.
The Verdict
Following a comprehensive independent review, the Financial Ombudsman determined that Somo had adhered to the agreed loan terms while considering the borrower’s financial hardship. The Ombudsman found Somo’s response to be fair and responsible, and therefore, the complaint was not upheld.
This decision reinforces our reputation as a trusted lender, ensuring fair treatment for both borrowers and investors.
What This Means for Our Investors
Robust and Fair Lending Practices – Our approach is validated by independent regulators.
Investor Protection – We enforce agreements responsibly, reducing unnecessary risk.
Ethical Lending, Even in Tough Times – Even in a global crisis, we upheld fair terms while providing support.
Trust is everything in financial services. This ruling confirms that Somo remains a responsible, professional, and well-governed lender- safeguarding both borrowers and investors.
If you’re looking to invest with a lender who stands up to scrutiny, register today.
Categories: Investor News
