FCA and courts in conflict over repossessions – ASTL

FCA and courts in conflict over repossessions – ASTL

 

The trade body has requested engagement and a joined-up approach on the ban on possessions in place to ease pressure on households amid coronavirus.

The Financial Conduct Authority (FCA) and the courts have released conflicting information regarding the possessions, according to the ASTL.

Repossessions of homes will not be allowed before 31 October 2020 under guidance from the regulator.

However, the courts are preparing arrangements to recommence possession proceedings from 29 June 2020, the ASTL said.

The ASTL has repeatedly offered to participate in discussions and future plans with the Treasury.

Beyond receipt of the letter, the government has given no formal response.

Vic Jannels, chief executive of the ASTL (pictured), said: “It seems to us that there is a need for far more detailed provision in the mortgage market, which is made up of many products, not just traditional long-term owner-occupier residential mortgages, and so we have sought to encourage HM Treasury to recognise that we are here to help in that regard.

“We think it is important that we work together on an effective and diverse financial response to the current situation so that we are able to follow a balanced approach that best supports the UK’s economic recovery.”