View more on these topics

Financial Services Consumer Panel warns on repossession rules

The Financial Services Consumer Panel has warned that many consumers could lose their homes because lawyers and householders are largely unaware of the FSA rules that lenders much follow before repossessions can be commenced.

The FSA recently said in its Finanical Risk Outlook that 1.4m home owners could have problems meeting mortgage repayments.

The FSCP says that lenders must make reasonable efforts to reach an agreement on repaying any arrears; adopt a reasonable approach to the timescale; not put excessive pressure on the customer and repossess the property only where all other attempts to resolve the position have failed.

It says that in circumstances where a mortgage was mis-sold, it understands that the court can decide to stay possession proceedings whilst the Financial Ombudsman rules on the case.

FSCP chairman John Howard says: “We have heard that some less scrupulous lenders are rushing to repossess properties without the courts considering the FSA rules on repossessions. And despite appalling stories of the misselling of mortgages, the sales tactics used are rarely taken into account in the court case. Clearly if a lender or mortgage broker has acted irresponsibly by persuading someone to take out a mortgage they cannot afford, a much more lenient view ought to be taken of the householder’s case.”


The Mortgage Company opts for Dashboard

The Mortgage Company has announced it is to use software from Dashboard, a subsidiary of Trigold, for their client management system.Dashboard, a web based software company was acquired by Trigold in December 2006. The company claims to have powerful workflow and case management functionality and covers the advisory, application and processing life cycle. The software […]

LV= in £1,000 pledge on delayed lump sums

LV= says it is the only provider to pay compensation to consumers who do not receive their tax-free cash within seven working days on its income drawdown plans.The mutual is guaranteeing that pension lump sums will be paid within seven working days or £1,000 compensation will be paid to pensioners.This is a fourfold increase on […]

Platform axes fifth of staff

Platform is to cut 65 of its 305-strong workforce in a restructure. A new proposition department will see the merging of its marketing, product development and e-commerce services.

Guide cover resized

Guide: Johnson Fleming’s managed auto-enrolment service for SMEs

Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm