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Mortgage firms break arrears rules

The FSA says it has found evidence of firms breaking arrears rules as part of the second stage of its mortgage effectiveness review, published this week.

The regulator is conducting a thematic review of arrears management practices which will be published alongside the full findings of the MER in June.

The MER has focused on the sub-prime and lifetime mortgage sectors. The FSA says it has found that consumers do not make a distinction between receiving advice or information in either market and the initial disclosure document is not prompting them to think about the level of service they receive.

Director of retail policy and themes Dan Waters says the FSA does not intend to rush through rule changes on the back of this work. He says: “The priority is to see measurable improvements in firms meeting existing regulatory requirements and in their treatment of customers.”

The Mortgage Practitioner sole trader Danny Lovey says: “Everyone is concerned about the way arrears are handled and if advisers are treating customers fairly.”

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