The FCA is consulting on proposed updates to its “Mortgages and Coronavirus: Tailored Support Guidance.” The guidance is intended to ensure that mortgage customers whose homes may be repossessed are treated appropriately and fairly, particularly where there are risks of harm to customers who are vulnerable as a result of the pandemic.
The proposals set out the FCA’s expectation that firms should not enforce mortgage repossessions, except in exceptional circumstances, before 1 April.
From 1 April 2021, firms will be able to enforce repossessions, but only if they act in accordance with FCA guidance. The FCA has stressed that repossessions should only take place as a last resort.
Comments on the proposals are due by 10am on 10 March 2021.