FCA extends repossession ban until April

Industry News | 13/01/21

The FCA is planning to extend its ban on repossessions until the 1st of April as a result of ongoing Covid-19 restrictions.
In November 2020, the FCA announced further support for mortgage and consumer credit borrowers experiencing payment difficulties as a result of Covid-19.

This included guidance that firms should generally not enforce repossessions before 31st January 2021 except in exceptional circumstances, such as a customer requesting that proceedings continue. The FCA is now proposing to extend this guidance so that firms should not enforce repossessions before 1st April 2021.

Source: Financial Reporter