Lenders welcome FCA review of arrears management
Published: 4 March 2014 | Author: Bernard Clarke
We were pleased that that the latest thematic review by the Financial Conduct Authority (FCA) found that the ways in which lenders manage mortgages in arrears had improved since the regulator last reviewed practices in this area.
Our existing good practice guide for lenders is designed to help firms ensure they meet the FCA’s rules and requirements on arrears management. With the introduction of forthcoming changes to FCA rules next month, following the mortgage market review, we will be reviewing the guide to make sure it remains comprehensive and up-to-date.
Like the FCA, we recognise the importance for lenders of equipping staff to make good decisions and treat customers fairly. We will therefore continue to work with members through our guides, training and conferences to seek to ensure that good practice is developed and embedded within firms.
We also welcome the FCA’s constructive approach to working with firms to encourage and help them further strengthen their approach to arrears management.