The FSA lays down the law

The Financial Services Authority (FSA) has written to the chief executives of all mortgage lenders giving them until 31 January to treat customers in arrears fairly or face action. It is the second letter the FSA has sent recently and follows a review which found ‘weaknesses’ in arrears and repossessions handling, particularly from specialist lenders. The letter states that the FSA expects mortgage lenders to urgently review their current policies and procedures to stop adopting a ‘one size fits all policy’.