mortgage arrears

FCA review may impact MCOB provisions

FCA review may impact MCOB provisions

The Financial Conduct Authority (FCA) has announced that it is proposing a change to the way that mortgage lenders allocate customer payments in circumstances where customers have fallen into arrears.

The proposals, which the FCA says are designed to assist customers to get their accounts out of arrears in a shorter period of time, would mean that customer payments are not used by lenders to pay off arrears-related interest and charges unless and until the balance of the shortfall itself has been paid.

Subscribe to RSS - mortgage arrears