[INSIGHTS]: CP23/13: Borrowers in financial difficulty: Consumer credit and mortgages

FCA Link: CP23/13
Summary
The Financial Conduct Authority (FCA) has released new regulations and guidelines in relation to arrears, payment difficulties, and repossessions for regulated mortgage contracts and home purchase plans. The document provides comprehensive guidance for firms on fair treatment and appropriate support for customers facing payment shortfalls or arrears. It outlines obligations for firms to communicate timely and clear information to customers, offer access to free debt advice and money guidance, consider alternative payment arrangements, and explore forbearance options. The FCA emphasizes the need for policies and procedures to address the fair treatment of particularly vulnerable customers, including those with mental health difficulties or mental capacity limitations.

Find more at our training here

Consumer Duty - UK Management Training
Vulnerability - UK Employee and Manager training for Collections

Key Points

Firms are required to inform customers about ...