Regulatory Alerts2021-03-04
Added · Updated
Finalised Guidance: Mortgages and coronavirus: further updated tailored support guidance for firms
The guidance applies to firms dealing with mortgage customers facing payment difficulties due to coronavirus who are not receiving support under the Payment Deferral Guidance. It requires firms to treat customers fairly, including offering tailored forbearance and reviewing short-term support within 60 days under MCOB 13. Firms must resume normal Credit Reference Agency reporting from the status frozen at the start of deferrals and ensure credit files are rectified if operational difficulties cause missed payments. The guidance also sets expectations for repossession approaches, prohibiting repossession solely due to a deferral shortfall unless the customer unreasonably refuses to engage.