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Mortgage lenders claim watchdog comments unfair

Thu, 14 Aug 2008

Mortgage lenders have rallied against the Financial Services Authority, who last week warned them to tighten up policies relating to repossession .

The FSA last week warned that lenders who were aggressive with customers over arrears would face action. However, the Council of Mortgage Lenders, who have predicted 45,000 repossessions during 2008, claimed that the problems are not industry-wide.

A spokesperson for the FSA reportedly retorted: "There were issues discovered across the piece with all lenders which is why the warning was addressed to the whole market place."

The CML reportedly commented: "The key message given to media and the industry was that lenders are failing to treat customers fairly. But in tarnishing the whole industry with the same dirty brush, is the regulator treating lenders fairly? To publish a report in such ambiguous terms is unfair and confusing for the majority of lenders who are making significant efforts to comply."
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