Responding to the FCA’s findings on long-term mortgage arrears, Jackie Bennett, Director of Mortgages at UK Finance, commented:

“It is encouraging that overall the FCA did not identify widespread harm to customers from extended forbearance. The industry acknowledges the regulator’s findings of some inconsistencies in firms’ arrears management practices.

“Anyone with concerns about making their mortgage repayments should contact their lender as soon as possible to discuss the support and options available to them, a message echoed by the FCA.

“UK Finance will continue to engage closely with the regulator, lenders and administrators to deliver fair outcomes for those customers in financial difficulty.”

Notes to Editor

  1. UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry we help drive forward positive change to enhance standards, support customers and promote innovation.
  2. UK Finance’s latest figures show that homeowner arrears and repossessions remained at historically low levels in the third quarter of 2018: //www.ukfinance.org.uk/mortgage-arrears-remain-at-historic-lows-in-q3-2018/
UK Finance responds to FCA findings on long-term mortgage arrears