‘Dear CEO’ letter to mortgage lenders about changes to mortgage contacts

The FCA has published a ‘Dear CEO’ letter sent by Clive Adamson, FCA director of supervision, to the chief executive officers of mortgage lenders relating to changes to mortgage contracts. In the letter, Adamson explains that a number of lenders have recently approached the FCA about making changes to their mortgage contracts, including standard variable rates (SVRs). He warned the planned rate hikes may be based on unfair contract terms, and go against the FCA’s principles for businesses.

The letter clarifies the FCA’s position on how lenders should engage with it if they want to change their SVR and reminds lenders of the relevant regulations and rules that apply. The FCA recognises that lenders may want to vary their SVRs or other terms in their contracts…

If you are registered and logged in to the site, click on the link below to read the rest of the Withers briefing. If not, please register or sign in with your details below.

Briefings from Withers

  • Family law revolution

    22 April 2014 marked ‘the largest reform of the family justice system any of us have seen or will see in our professional lifetimes’, according to the president of the Family Division.

  • A day out with the Charity Tax Group

    Withers’ Graham Elliott discusses the points he found most interesting from this year’s Charity Tax Group annual meeting.

View more briefings from Withers

Analysis from The Lawyer

Browse This Firm’s

Overview

16 Old Bailey
City of London
London
EC4M 7EG
UK

Turnover (£m): 117.80
No. of Lawyers: 307