Regulatory Alerts2023-05-23
Added · Updated
Strengthening Protections for Borrowers in Financial Difficulty: Consumer Credit and Mortgages
The rules come into force on 4 November 2024, requiring consumer credit lenders, mortgage lenders, and other specified firms to incorporate aspects of the coronavirus Tailored Support Guidance into the Handbook. Firms must expand protections to cover customers at risk of payment difficulty, provide clear information on credit file reporting, and send regular statements to all mortgage customers in arrears regardless of charges. The document also amends guidance on forbearance reviews, priority debts, and the calculation of necessary and reasonable costs for consumer credit firms.