CML supports borrower guardian bill

CML has given its support to the Guardianship (Missing Persons) Bill. It says the Bill would help lenders make pragmatic arrangements with guardians of missing borrowers to act in the best interests of those borrowers until they are found. It has some suggestions for improvements to the Bill, for example to clarify that lender liability would be limited if a guardian requires them to administer a mortgage. The Bill already indemnifies lenders who deal with a guardian when genuinely unaware the relevant guardianship order is no longer valid.


FIN. Team