House repossession guidance has been updated by the Council of Mortgage Lenders (CML) to help lenders who are dealing with mortgage arrears and possessions.
The advice will mean such bodies continue to comply with the Financial Services Authority's (FSA) mortgage conduct of business rules and its principles for treating customers fairly.
It will indicate the outcomes of the FSA's thematic reviews that were published in 2008 and 2009, as well as its policy statement on arrears and approved persons that was published in 2010.
Implications for lenders on dealing with the pre-action protocol applying to court cases for possession and the requirements that are emerging from various bodies on the matter are also outlined in the publication.
Those who are owed money will then be told what they should cover in their arrears management policies.
Speaking to the Financial Times Adviser, head of mortgage policy at the Building Societies Association Paul Broadhead recently suggested the current low interest rate of 0.5 per cent is keeping house repossessions in the UK to a minimum.
CML publishes new repossession guidance for lenders
Wed, 19 Oct 2011
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