Financial institutions e-briefing: secured recoveries litigation
In May 2013, the Financial Conduct Authority (FCA) consulted on guidance about dealing fairly with interest-only mortgage customers who risk being unable to repay their loan. The FCA has now considered the responses and on 29 August 2013 published finalised guidance (FG13/7), along with a summary of the feedback received.
The review of lenders’ strategies, policies and practices covered eight lenders (23 mortgage brands), representing approximately 40 per cent of the UK interest-only residential mortgage market (in other words, excluding buy-to-let mortgages). The FCA found that the industry is engaged with the interest-only maturity risk and that firms are generally trying to treat customers fairly, but are at different stages of engagement with the maturity risk.
The guidance sets out what the FCA expects firms to do to ensure the fair treatment of customers who are unable to repay the capital sum at the end of the term and to minimise the risk of non-repayment through early and effective consumer engagement over the mortgage term…
If you are registered and logged in to the site, click on the link below to read the rest of the Eversheds briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Eversheds
News from The Lawyer
Briefings from Eversheds
In 2014 Egypt introduced a 10 per cent tax charge on the net gain realised on a disposal of shares in a company.
Retailers have some key decisions to make if they want to take advantage of technological advances in payments.
Analysis from The Lawyer
Eversheds is no stranger to an international tie-up but now it’s in the market for the jewel in its global crown
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all