The City watchdog, the Financial Conduct Authority, said recently that the industry had improved since its last review in 2009 but it wants front line staff to have better knowledge so they can make informed decisions on difficult individual circumstances. The regulator found some borrowers dealing with bereavement or terminal illness were still not dealt with sensitively or not passed on to specialist teams which really should be the case with such unforeseen circumstances.
Clive Adamson, director of supervision at the FCA, said: "We are already working with firms and trade bodies to help them embed a culture centred on delivering the best outcome for customers based on their specific circumstances."
The FCA's review findings follow public statements from all of the major lenders earlier this year on the flooding crisis, with each promising leniency on mortgage repayments for households affected from the after effect of the severe weather conditions we have all been experiencing. Looking forward NatWest has promised "mortgage holidays" of up to three months. Borrowers most at risk of falling into arrears if rates rise should be identified, the regulator said, with plans put in place on how to treat them.
Your home is at risk if you do not keep up your mortgage repayments.
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