The November issue of the FCA's regulation round up leads with its recently published guidance consultation on the fair treatment of customers with mortgage payment shortfalls. The regulator points out that the practice of automatically recalculating loan repayments to include shortfalls is likely to breach its rules on transparency and fair customer outcomes.
This is a great example of the FCA's focus on protecting vulnerable and at-risk consumers, and underlines the importance of all firms (not just mortgage providers) communicating clearly and directly with customers - particularly where fees, charges and payment schedules are concerned.
Other items of interest include:
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