As part of their efforts to assist consumers who find themselves in financial difficulty, the CBI has issued a Consultation Paper on the Standard Financial Statement. This form is a key part of many lenders Mortgage Arrears Resolution Process (MARP) and is used to gather information on the borrower’s financial situation. The Consultation Paper is split in to two parts and interested parties are required to give their feedback on the proposed changes and questions posed in the paper by 20th April 2021.
The CBI continues to pursue cases against individuals and firms as part of the Administrative Sanctions Procedure and the Fitness and Probity regime. The importance of protecting customers is very clear:
“Time and time again, I and colleagues in the Central Bank have told senior leaders in firms: consumer and investor protection begins with the firms themselves. Firms are responsible for selling their customers products that meet their needs both now and into the future. Firms must have effective cultures and set the right standards.”
For the full speech click HERE