Extract from Lords consideration of Commons Reason and Amendment to the Financial Services Bill - Apr 28
Thursday, 29 April 2021 07:28
Earl Howe (Con):...It is simply not true that the FCA has done
nothing for this group of people. For example, to reflect the
current Covid-19 situation, the FCA has brought forward guidance to
allow borrowers who are up to date with their payments on a
recently matured or soon-to-mature interest-only, or part-and-part,
mortgage to delay repaying the capital on their mortgage while
continuing to make interest payments. This guidance has enabled
borrowers to stay in their own homes for a...Request free trial
(Con):...It is simply not true that the FCA has
done nothing for this group of people. For example, to reflect the
current Covid-19 situation, the FCA has brought forward guidance to
allow borrowers who are up to date with their payments on a
recently matured or soon-to-mature interest-only, or part-and-part,
mortgage to delay repaying the capital on their mortgage while
continuing to make interest payments. This guidance has enabled
borrowers to stay in their own homes for a significant period. The
FCA also confirmed that it was making intra-group switching easier
for borrowers with an inactive firm that is in the same lending
group as an active lender. On 14 September, the Money and Pensions Service launched
online information and a dedicated phone service as a key source of
information and advice for borrowers with inactive firms...
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