FSA orders lenders to review repossessions practice

The letter is the second warning to lenders from the regulator in recent months, and follows a review which found weaknesses in arrears and repossessions handling, particularly in the impaired credit sector of the market. The FSA said it expects firms to address any weaknesses as a matter of urgency. Chief executives must communicate conclusions and any actions the firm proposes to take to the FSA by 31 January 2009. Jon Pain, retail managing director of the FSA, said in the letter: "The fair treatment of consumers in arrears will continue to be a priority for the FSA throughout 2009. W...