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