FSA will tighten arrears rules next year

Speaking at the Council of Mortgage Lenders' (CML) conference today, Jon Pain said the industry needs to take steps to ensure customers are treated fairly. Pain, managing director of supervision at the FSA, confirmed the regulator will be launching a full consultation on changes to its conduct of business rules on arrears handling in January 2010. "We want lenders to get back to the basics of responsible lending and we will continue to push the industry where we find firms are not treating their customers fairly," he says. Pain also stressed it was not the FSA's intention to reduce...