Borrowers
The following issue updates are available for Borrowers.
Claims Management Companies
10 August 2011 | The FSA, Ombudsman and Financial Services Compensation Scheme have published a note aimed at both firms and consumers on the role of claims management companies (CMCs). This page also provides information about CMCs and how they are regulated by the Ministry of Justice.
CML Cymru: developments in retail policy and lending
15 April 2011 | This page provides an update on developments in retail policy and lending issues in Wales and the work of the CML Cmyru.
Credit reference agency searches
21 February 2011 | This web page provides guidance on the use of searches and leaving "footprints" on consumers' credit files.
Financial capability
16 March 2011 | This page summarises the various initiatives announced by the Government and the Financial Services Authority, which are designed to enhance consumers' understanding of financial services.
Financial Services Compensation Scheme
16 March 2011 | This page briefly describes the Financial Services Compensation Scheme and summarises recent consultations concerning the operation of the scheme. The members section has been updated to include the FSCS levies for 2010/11 and some guidance on the treatment of offset mortgages.
FSA buy-to-let thematic review
21 July 2011 | The FSA has shared with lenders a summary of the findings of its thematic review of buy-to-let lending.
Housing and Regeneration Act 2008
16 December 2011 | The Housing and Regeneration Act 2008 was introduced as a Bill in November 2007 and passed through Public Committee (January 2008) and Report (31 March 2008) stages. It passed through the Lords for second reading stage on 28 April 2008 and Report on 30 June 2008 finally reaching Royal Assent on 22 July 2008. The main purpose of the Act is to establish a new housing and regeneration body to be known as the Homes and Communities Agency (HCA) to improve the supply and quality of housing in England and to abolish the existing regulator of housing associations (HA), setting up a new one, the Tenant Services Authority (TSA).
Low-cost home-ownership
28 October 2011 | This page gives an update on the latest policy on lending on low cost and affordable home ownership. This includes the latest Homes & Communities Agency investment prospectus as well as new guidance on shared owners at risk of possession and to include details of the new shared ownership leases to be implemented by 6 April 2010. The new leases give lenders additional protection.
Mortgage Code
16 March 2011 | This page provides a background note on the history of the Mortgage Code.
Possessions register
10 August 2011 | This page provides background and guidance on the CML possessions register. The register has been withdrawn with effect from 30 June 2010 and the data held on it has been destroyed.
Shortfalls on interest-only mortgages
16 March 2011 | On 19 May 2006, the FSA published its consumer fact sheet "Will your investment or savings plan pay off your mortgage?". The fact sheet provides information to consumers facing a shortfall at the end of the mortgage term.
The position of unauthorised tenants when a landlord defaults on their mortgage
18 August 2011 | This page summarises the issues surrounding enforcement action by lenders when a property is tenanted. The Mortgage Repossessions (Protection of Tenants etc) Act 2010, which came into force on 1 October 2010, provides new protection for unauthorised tenants.
Treating customers fairly: responsibilities of providers and distributors
16 March 2011 | This page summarises the key points raised in an FSA discussion paper (DP06/4) published on 28 September 2006, and the subsequent Policy Statement (PS07/11) which was published in July 2007.
