On 4 June 2020 the UK Financial Conduct Authority published further guidance for customers who are unable to make their mortgage payments because of the impact of COVID-19.
However, and on 16 June 2020, the FCA revised this guidance. These changes say:
– firms should try and give as close to personalised information as possible (following lobbying from the industry that there are likely to be practical problems with providing personalised information);
– there are some changes to the guidance for (a) customers who have not yet had a payment deferral (to suggest a representative example relevant to the customer’s circumstances could be provided instead), (b) customers unable to resume full payments (with a similar suggestion of a representative example) and (c) the interactions with MCOB (particularly on variations and MCOB 7.6.28R and MCOB 7.6.28AR).
The guidance is set to expire on 31 October 2020 but the FCA may review and update before then.