FSA slams lenders for TCF failing on arrears


The Intermediary Mortgage Lenders Association (IMLA) has hit back at the FSA for suggesting specialist lenders are not adhering to TCF principles when handling arrears.

The trade group says its members work hard with borrowers to ensure effective solutions to debt management can be found. In an FSA report released today, seen in advance by IMLA, the regulator criticises lenders for their handling of customers who are struggling to meet rising mortgage costs. Peter Williams, chief executive of IMLA, says: “IMLA strongly contests the suggestion made by the FSA that all specialist lenders systemically operate a ‘one size fits all’ approach to arrears management.” He says all IMLA members comply with MCOB 13 rules, which state that lenders have to work to r...

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