We are publishing our final rules for firms when dealing with customers experiencing a payment shortfall, following our consultation in CP16/16.
In June 2016 we consulted on making minor amendments to our Handbook rules and guidance for firms which have customers who are experiencing a mortgage or Home Purchase Plan (HPP) payment shortfall. In general, respondents welcomed our proposed changes.
In this Policy Statement we summarise the feedback we received and provide our response, indicating where we have adjusted the final rules and guidance to take respondents’ views into account.
Who this applies to
This paper will be of interest to any firm currently administering mortgages or HPPs and trade bodies for these firms. We would also expect interest from those who support the provision of these services.
This paper may be of interest to consumers who either have a mortgage or HPP, or anticipate getting one, as well as their representative groups.
Next steps
The final rules and guidance come into effect on 15 December 2016.