Borrowers
The following issue updates are available for Borrowers.
Bankruptcy - personal
1 December 2009 | The new rules on personal insolvency were brought in under the Enterprise Act 2002 and came into effect on 1 April 2004. The rules are intended to stimulate enterprise by removing some of the barriers to entrepreneurial risk taking, including reducing the stigma of bankruptcy.
Claims Management Companies
18 March 2010 | This page provides information about claims management companies (CMCs) and how they are regulated by the Ministry of Justice. The members' section has been updated to include details of regulatory action taken against Cartel Client Review Ltd and Consumer Credit Litigation Solicitors.
CML Cymru: developments in retail policy and lending
10 June 2009 | This page provides an update on developments in retail policy and lending issues in Wales and the work of the CML Cmyru.
Debt arrangement scheme
5 July 2010 | This update looks at the debt arrangement scheme (DAS), a debt management tool which was introduced in Scotland in November 2004 for people with two or more debts who could pay what they owe given more time.
Financial capability
9 July 2009 | 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
22 February 2010 | 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
1 December 2009 | The FSA has shared with lenders a summary of the findings of its thematic review of buy-to-let lending.
FSA's consumer responsibility discussion paper
9 July 2009 | This page provides a summary of the Financial Services Authority's discussion paper on consumer responsibility.
Housing and Regeneration Act 2008
25 May 2010 | 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
1 April 2010 | Updated to highlight new guidance on shared owners at risk of possession. Also updated 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
9 July 2009 | This page provides a background note on the history of the Mortgage Code.
Possessions register
18 August 2010 | 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
9 July 2009 | 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 tenants when a landlord defaults on their mortgage
16 August 2010 | This page summarises the issues surrounding enforcement action by lenders when a property is tenanted. A private members bill has been introduced on this issue and has now received royal assent. It comes into force on 1 October 2010.
Treating customers fairly: responsibilities of providers and distributors
9 July 2009 | 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.
