Featured Product

    FCA Proposes Updates to Guidance on Mortgage Repossessions

    March 05, 2021

    FCA updated the draft guidance for firms to ensure that mortgage customers whose homes may be repossessed are treated fairly and appropriately, particularly where there are risks of harm to customers who are vulnerable as a result of the COVID-19 pandemic. FCA is proposing that, from April 01, 2021, subject to any relevant government restrictions on repossessions, firms may enforce repossession as long as they act in accordance with the guidance and the relevant regulatory and legislative requirements. The guidance highlights that repossession should be a last resort once all reasonable attempts to resolve the situation have failed. The comment period for the tailored guidance on mortgage repossessions ends on March 10, 2021.

    FCA reminded consumer credit and mortgage consumers that the deadline for applications for new payment deferrals under the payment deferral guidance is March 31, 2021. Only consumers still in a payment deferral on March 31, 2021 will be able to extend their payment deferral beyond that date. All deferrals under that guidance will end by July 31, 2021 at the latest. However, consumers should think carefully about whether they need to take a payment deferral. Support will continue to be available to consumers in financial difficulty under the tailored support guidance, which may be more suitable for their needs in the long-term. Additionally, from April 01, 2021, consumers who are newly impacted by COVID-19 pandemic, or find themselves impacted again (whether or not they have previously had a payment deferral), should receive tailored support from the lender. This could include short-term support such as a payment deferral, if appropriate, although this would be subject to normal credit reporting. The payment deferral guidance enabled firms to deal with unprecedented demand for short-term support resulting from the pandemic. However, demand for payment deferrals has reduced and firms now have the capacity to offer both shorter- and longer-term support.

     

    Related Links

    Comment Due Date: March 10, 2021

    Keywords: Europe, UK, Banking, COVID-19, Consumer Credit, Credit Risk, Residential Mortgage, Payment Deferrals, FCA

    Related Articles
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    News

    PBC Issues List of Systemic Banks, Adds 2 Foreign Banks to CERB List

    The China Banking and Insurance Regulatory Commission (CBIRC) published the administrative measures for internal control of wealth management companies, which come into force on the day of promulgation.

    September 09, 2022 WebPage Regulatory News
    News

    PRA Publishes Discussion Paper on Its Future Approach to Policy

    The Prudential Regulation Authority (PRA) proposed its approach to policy-making as it takes on wider rulemaking responsibilities under the Financial Services and Markets Bill.

    September 08, 2022 WebPage Regulatory News
    News

    ECB Publishes Opinion on Proposed Regulation on Data Act

    The European Central Bank (ECB) published its opinion on the proposal for a regulation on harmonized rules on fair access to and use of data (Data Act).

    September 08, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8511