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Consumer Panel says borrowers failing to seek advice on mortgage problems

The Financial Services Consumer Panel says 44 per cent of borrowers do not seek advice when they face difficulties paying their mortgage.

In a speech given to the Council of Mortgage Lenders today, Financial Services Consumer Panel chairman, Adam Phillips said the most apparent reason for people not seeking advice is their perception of the advice sector.

He said this perception leads consumers to deem advice not necessary or not applicable to their problems.

Phillips said: “When people get into difficulty with their mortgages, they need constructive help and advice on the best way forward.

“Mortgage lenders have a duty under the principle of Treating Customers Fairly both to help their customers in arrears, and also to tell them about independent sources of advice.

“There is an urgent need for more investment in publicising and supporting sources of information and advice in this area.”



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Close Special Situations tops performance chart

The Close Special Situations fund was the best performing vehicle for the first two quarters of the year, according to research carried out by Thames River.The British small-cap fund returned 42.9% in the first three months of the year, followed by another 51.2% in the second quarter. Its peer group, UK Smaller Companies, was also […]


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