Are Banks Treating Customers Fairly? FSA says No!
The Telegraph.co.uk is reporting that banks are not ‘treating customers fairly’ regarding Mortgage arrears. The FSA has issued letters to the ‘offending’ lenders that are showing ‘weaknesses in arrears and repossession handling’, especially to those banks that specialise in grant mortgages to borrowers with poor credit histories. Jon Pain, the retailing manager from the FSA says,
Conditions in the mortgage market are difficult and it seems likely that these conditions will persist for some time. In such a challenging operating environment it is particularly important for senior management to ensure the fair treatment of customers including when they go into arrears.
The Pre-Budget report states all major mortgage lenders will not start to repossess homes within 3 months of the mortgage holder falling into arrears. Banks are supposed to repossess home only when all other reasonable attempts to resolve the financial problems have been exhausted.
The FSA proclaims this issue will remain a top priority moving into the new year.
Read more at Mortgage Arrears: banks ‘not treating customers fairly’ - Telegraph.co.uk
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