FCA proposes update to guidance on mortgages and consumer credit repossessions

Regulatory Updates | 13/01/21

In November 2020, the FCA announced further support for mortgage and consumer credit borrowers experiencing payment difficulties as a result of coronavirus (Covid-19). This included guidance for firms on the treatment of mortgage and consumer credit customers facing repossession. This provided that firms should generally not enforce repossessions before 31 January 2021. They have now published draft guidance setting out their proposed approach to repossessions from 31 January 2021.

They are inviting comments on the draft guidance which can be found below by 10am on 18 January 2021.

Email: FCAconsumercredit@fca.org.uk

Mortgages and Coronavirus: Tailored Support Guidance
Consumer credit and Coronavirus: Tailored Support Guidance

Visit FCA website for full information