Phil Wilding Archive

Mental health and borrowers

Getting the balance right when identifying and dealing with customers who have mental capacity limitations is vital. This isn’t anything new and is already stipulated by our Regulators but recent media coverage indicates as an industry we still haven’t quite got it right. When looking at your own operation can you honestly say you fully demonstrate compliance and act in the spirit of how the regulations were written?

OFT issues new guidance on continuous payment authorities

The OFT has issued a set of principles for businesses using Continuous Payment Authorities (CPA’s) to clarify core standards. Guidance is provided for pre-contracts, the life of the contract and cancellation of contracts to ensure customers know what they are signing up to and their right to cancel. Businesses failing to act within the principles may face enforcement action from the OFT. It is not sufficient simply to include brief details in the Terms and Conditions of a contract; details must “be set out clearly and in plain, intelligible language, and brought prominently to the consumer's attention”.

The Mortgage Repossession Act 2010

The Mortgage Repossession (Protection of Tenants etc) Act 2010 came into force at the beginning of October 2010. The Act and its supporting regulations provide some limited protection for unauthorised tenants (tenants occupying without the consent of the landlord’s lender) in residential property to bring them broadly in line with the safeguards afforded to authorised tenants under the Protection From Eviction Act 1977.
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