‘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.
News from Withers
News from The Lawyer
Briefings from Withers
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.
Withers’ Graham Elliott discusses the points he found most interesting from this year’s Charity Tax Group annual meeting.
Analysis from The Lawyer
A merged Withers and Speechly Bircham would have scaled The Lawyer’s UK 200 with a turnover of about £170m, and created one of the world’s largest specialist private client teams. So what went wrong?