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1125482
unstar this property registered interest false more like this
star this property date remove maximum value filtermore like thismore than 2019-05-08
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading UK Asset Resolution remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the safeguards and mechanisms put in place by his Department and the Financial Conduct Authority between 2012 and 2018 in respect of the sale of UKAR loans to ensure that loan holders were able to transfer or get better terms from other regulated lenders instead of those companies to whom AKAR had sold their loans. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden more like this
unstar this property uin 251931 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-13more like thismore than 2019-05-13
star this property answer text <p>Customers have always been protected in UKAR asset sales. The government and UKAR consider the fair treatment of customers a priority for all asset sales and have always included customer protections in line with or that exceeded industry best practice for transactions of this nature.</p><p> </p><p>Bidders were required to agree to customer protections, which were non-negotiable, before the bids were assessed on price. These protections included: adherence to the Financial Conduct Authority’s principle of Treating Customers Fairly; where customers were on Standard Variable Rate mortgages, purchasers were restricted in the changes they could make to the Standard Variable Rate for 12 months; and, mortgage books that were sold had to be administered by Financial Conduct Authority regulated companies, and no changes could be made to the terms and conditions of any of the loans that had been sold.</p><p> </p><p>In addition to requiring bidders to agree to the protections outlined above, UKAR undertake due diligence on bidders, their proposed servicers and legal title holders of the loans to ensure that they have the necessary policies, procedures and governance in place to treat customers fairly.</p><p> </p><p>The details of all NRAM mortgage sales can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR have not received a bid from an active lender that covered the full portfolio of assets being sold.</p><p> </p><p>Whether to offer customers new mortgage products is a commercial decision for lenders and government does not intervene in individual cases.</p><p> </p><p>That said, the government welcomes the voluntary agreement entered into last year by UK Finance working with the FCA. Under this agreement, 59 authorised lenders representing 93 per cent of the UK’s residential mortgage market have agreed common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible, to move to an alternative product provided by their lender, where said lender is able to offer alternative products.</p><p> </p><p>HM Treasury has also worked closely with the FCA on their Mortgages Market Study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HM Treasury will continue to work closely with the FCA once the changes to their rules are implemented, to monitor the impact this will have on the market.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN
251932 more like this
251933 more like this
251934 more like this
star this property question first answered
less than 2019-05-13T14:27:34.797Zmore like thismore than 2019-05-13T14:27:34.797Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1125483
unstar this property registered interest false more like this
star this property date remove maximum value filtermore like thismore than 2019-05-08
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading UK Asset Resolution remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment (a) his Department and (b) the Financial Conduct Authority have made of the legal responsibility of TSB and other banks whose organisation or subsidiary have bought loans from UKAR to allow people who had such loans but are not their customers to transfer or switch to another mortgage loan provider. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden more like this
unstar this property uin 251932 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-13more like thismore than 2019-05-13
star this property answer text <p>Customers have always been protected in UKAR asset sales. The government and UKAR consider the fair treatment of customers a priority for all asset sales and have always included customer protections in line with or that exceeded industry best practice for transactions of this nature.</p><p> </p><p>Bidders were required to agree to customer protections, which were non-negotiable, before the bids were assessed on price. These protections included: adherence to the Financial Conduct Authority’s principle of Treating Customers Fairly; where customers were on Standard Variable Rate mortgages, purchasers were restricted in the changes they could make to the Standard Variable Rate for 12 months; and, mortgage books that were sold had to be administered by Financial Conduct Authority regulated companies, and no changes could be made to the terms and conditions of any of the loans that had been sold.</p><p> </p><p>In addition to requiring bidders to agree to the protections outlined above, UKAR undertake due diligence on bidders, their proposed servicers and legal title holders of the loans to ensure that they have the necessary policies, procedures and governance in place to treat customers fairly.</p><p> </p><p>The details of all NRAM mortgage sales can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR have not received a bid from an active lender that covered the full portfolio of assets being sold.</p><p> </p><p>Whether to offer customers new mortgage products is a commercial decision for lenders and government does not intervene in individual cases.</p><p> </p><p>That said, the government welcomes the voluntary agreement entered into last year by UK Finance working with the FCA. Under this agreement, 59 authorised lenders representing 93 per cent of the UK’s residential mortgage market have agreed common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible, to move to an alternative product provided by their lender, where said lender is able to offer alternative products.</p><p> </p><p>HM Treasury has also worked closely with the FCA on their Mortgages Market Study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HM Treasury will continue to work closely with the FCA once the changes to their rules are implemented, to monitor the impact this will have on the market.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN
251931 more like this
251933 more like this
251934 more like this
star this property question first answered
less than 2019-05-13T14:27:34.893Zmore like thismore than 2019-05-13T14:27:34.893Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1125484
unstar this property registered interest false more like this
star this property date remove maximum value filtermore like thismore than 2019-05-08
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading UK Asset Resolution remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, pursuant to the Answer of 23 April 2019 to Question 243349, if he will publish the details of the proportion of Northern Rock mortgage holders' loans that were sold to (a) inactive and (b) unregulated lenders between 2011 and 2018. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden more like this
unstar this property uin 251933 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-13more like thismore than 2019-05-13
star this property answer text <p>Customers have always been protected in UKAR asset sales. The government and UKAR consider the fair treatment of customers a priority for all asset sales and have always included customer protections in line with or that exceeded industry best practice for transactions of this nature.</p><p> </p><p>Bidders were required to agree to customer protections, which were non-negotiable, before the bids were assessed on price. These protections included: adherence to the Financial Conduct Authority’s principle of Treating Customers Fairly; where customers were on Standard Variable Rate mortgages, purchasers were restricted in the changes they could make to the Standard Variable Rate for 12 months; and, mortgage books that were sold had to be administered by Financial Conduct Authority regulated companies, and no changes could be made to the terms and conditions of any of the loans that had been sold.</p><p> </p><p>In addition to requiring bidders to agree to the protections outlined above, UKAR undertake due diligence on bidders, their proposed servicers and legal title holders of the loans to ensure that they have the necessary policies, procedures and governance in place to treat customers fairly.</p><p> </p><p>The details of all NRAM mortgage sales can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR have not received a bid from an active lender that covered the full portfolio of assets being sold.</p><p> </p><p>Whether to offer customers new mortgage products is a commercial decision for lenders and government does not intervene in individual cases.</p><p> </p><p>That said, the government welcomes the voluntary agreement entered into last year by UK Finance working with the FCA. Under this agreement, 59 authorised lenders representing 93 per cent of the UK’s residential mortgage market have agreed common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible, to move to an alternative product provided by their lender, where said lender is able to offer alternative products.</p><p> </p><p>HM Treasury has also worked closely with the FCA on their Mortgages Market Study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HM Treasury will continue to work closely with the FCA once the changes to their rules are implemented, to monitor the impact this will have on the market.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN
251931 more like this
251932 more like this
251934 more like this
star this property question first answered
less than 2019-05-13T14:27:34.977Zmore like thismore than 2019-05-13T14:27:34.977Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1125485
unstar this property registered interest false more like this
star this property date remove maximum value filtermore like thismore than 2019-05-08
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading UK Asset Resolution remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what discussions (a) he and (b) Ministers of his Department have had with the Financial Conduct Authority on whether Cerberus Capital Management is a fit and proper organisation to purchase mortgage loans from UK banks and his Department via UKAR. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden more like this
unstar this property uin 251934 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-13more like thismore than 2019-05-13
star this property answer text <p>Customers have always been protected in UKAR asset sales. The government and UKAR consider the fair treatment of customers a priority for all asset sales and have always included customer protections in line with or that exceeded industry best practice for transactions of this nature.</p><p> </p><p>Bidders were required to agree to customer protections, which were non-negotiable, before the bids were assessed on price. These protections included: adherence to the Financial Conduct Authority’s principle of Treating Customers Fairly; where customers were on Standard Variable Rate mortgages, purchasers were restricted in the changes they could make to the Standard Variable Rate for 12 months; and, mortgage books that were sold had to be administered by Financial Conduct Authority regulated companies, and no changes could be made to the terms and conditions of any of the loans that had been sold.</p><p> </p><p>In addition to requiring bidders to agree to the protections outlined above, UKAR undertake due diligence on bidders, their proposed servicers and legal title holders of the loans to ensure that they have the necessary policies, procedures and governance in place to treat customers fairly.</p><p> </p><p>The details of all NRAM mortgage sales can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR have not received a bid from an active lender that covered the full portfolio of assets being sold.</p><p> </p><p>Whether to offer customers new mortgage products is a commercial decision for lenders and government does not intervene in individual cases.</p><p> </p><p>That said, the government welcomes the voluntary agreement entered into last year by UK Finance working with the FCA. Under this agreement, 59 authorised lenders representing 93 per cent of the UK’s residential mortgage market have agreed common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible, to move to an alternative product provided by their lender, where said lender is able to offer alternative products.</p><p> </p><p>HM Treasury has also worked closely with the FCA on their Mortgages Market Study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HM Treasury will continue to work closely with the FCA once the changes to their rules are implemented, to monitor the impact this will have on the market.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN
251931 more like this
251932 more like this
251933 more like this
star this property question first answered
less than 2019-05-13T14:27:35.057Zmore like thismore than 2019-05-13T14:27:35.057Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1111258
unstar this property registered interest false more like this
star this property date less than 2019-04-10more like thismore than 2019-04-10
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading UK Asset Resolution remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what discussions his Department has had with the FCA on the adequacy of their mechanisms for monitoring the outcomes for mortgage holders whose loans have been sold on by UKAR to inactive lenders. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden more like this
unstar this property uin 243348 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-04-23more like thismore than 2019-04-23
star this property answer text <p>As with all UKAR transactions, HM Treasury considered the potential impacts on customers and concluded that this sale does not negatively affect any customer’s ability to remortgage with another loan provider. In addition, UKAR have put in place protections that mean there are no financial barriers, such as early repayment charges, in the way of customers seeking to remortgage with another provider. Customers will be in a better position to change their mortgage following the proposed Financial Conduct Authority (FCA) rule change, provided they are up to date with their payments and meet lenders’ risk appetites.</p><p> </p><p>The details of UKAR mortgage sales from 2012 to 2018 can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR did not receive a bid from an active lender that covered the full portfolio of assets being sold.</p><p> </p><p>HMT has worked closely with the FCA on their mortgage market study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HMT will continue to work closely with the FCA once the changes to their rules are implemented to monitor the impact this will have on the market.</p><p> </p><p>For the latest asset sale, the legal title to the regulated mortgage contracts will always be held by an FCA-regulated entity in addition to the existing regulatory requirement that they are serviced by an FCA-regulated entity. This ensures continued FCA oversight and that customers have access to the Financial Ombudsman Scheme. Moreover, the legal title holder will be required to provide regular loan level reporting to the FCA.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN 243349 more like this
star this property question first answered
less than 2019-04-23T11:26:03.797Zmore like thismore than 2019-04-23T11:26:03.797Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1111259
unstar this property registered interest false more like this
star this property date less than 2019-04-10more like thismore than 2019-04-10
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading UK Asset Resolution remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment his Department has made of (a) the merits of the sale of £4.9 billion of former Northern Rock loans to Citibank on the ability of those mortgage loan holders to transfer or get better terms from other regulated lenders, (b) whether properties of Northern Rock mortgage holders' loans held under AKAR and sold between 2012 and 2018 were sold to (i) inactive and (ii) unregulated lenders. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden more like this
unstar this property uin 243349 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-04-23more like thismore than 2019-04-23
star this property answer text <p>As with all UKAR transactions, HM Treasury considered the potential impacts on customers and concluded that this sale does not negatively affect any customer’s ability to remortgage with another loan provider. In addition, UKAR have put in place protections that mean there are no financial barriers, such as early repayment charges, in the way of customers seeking to remortgage with another provider. Customers will be in a better position to change their mortgage following the proposed Financial Conduct Authority (FCA) rule change, provided they are up to date with their payments and meet lenders’ risk appetites.</p><p> </p><p>The details of UKAR mortgage sales from 2012 to 2018 can be found on gov.uk. Both active and non-active lenders are invited to participate in UKAR sales to ensure a competitive process. In relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, UKAR did not receive a bid from an active lender that covered the full portfolio of assets being sold.</p><p> </p><p>HMT has worked closely with the FCA on their mortgage market study and their planned changes to affordability assessments. These changes remove the regulatory barriers which previously might have prevented borrowers from accessing new mortgage deals, regardless of whether they are with active or inactive lenders. HMT will continue to work closely with the FCA once the changes to their rules are implemented to monitor the impact this will have on the market.</p><p> </p><p>For the latest asset sale, the legal title to the regulated mortgage contracts will always be held by an FCA-regulated entity in addition to the existing regulatory requirement that they are serviced by an FCA-regulated entity. This ensures continued FCA oversight and that customers have access to the Financial Ombudsman Scheme. Moreover, the legal title holder will be required to provide regular loan level reporting to the FCA.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN 243348 more like this
star this property question first answered
less than 2019-04-23T11:26:03.737Zmore like thismore than 2019-04-23T11:26:03.737Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1078687
unstar this property registered interest false more like this
star this property date less than 2019-02-27more like thismore than 2019-02-27
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading UK Asset Resolution remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment his Department has conducted of the (a) credentials and (b) status as active mortgage lenders of groups and companies which have purchased former Northern Rock mortgages and loans at sales undertaken by UK Asset Resolution (UKAR) since 2015. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden more like this
unstar this property uin 226544 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-03-07more like thismore than 2019-03-07
star this property answer text <p>For each asset sale UKAR undertakes due diligence on sale participants.</p><p> </p><p>Both active and non-active lenders are invited to participate in these sales to ensure a competitive process. Government and UKAR do not discriminate on bidders based on their lender status and, in relation to the latest asset sale, UKAR’s advisors proactively invited the top 25 active lenders to participate. Notwithstanding this, to date, UKAR has not received a bid from an active lender that covers the full portfolio of assets being sold.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2019-03-07T15:13:20.24Zmore like thismore than 2019-03-07T15:13:20.24Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1078691
unstar this property registered interest false more like this
star this property date less than 2019-02-27more like thismore than 2019-02-27
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading UK Asset Resolution remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what criteria in terms of protection for long-term holders of former Northern Rock mortgages were established by UK Asset Resolution before conducting such sales. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden more like this
unstar this property uin 226545 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-03-04more like thismore than 2019-03-04
star this property answer text <p>The Government and UK Asset Resolution (UKAR) take treating customers fairly very seriously. UKAR has always included non-negotiable customer protections as part of the legal documents in every sale, past and present. Bidders must accept these terms before their bids are considered on price. For past sales, these protections required that: the servicer of the mortgages is regulated by the Financial Conduct Authority (FCA); the terms and conditions of the mortgages are not changed; and purchasers abide by restrictions on how the Standard Variable Rate (SVR) can be set.</p><p> </p><p>The Government and UKAR have listened to stakeholders on the issue of customer protections and have enhanced the protections for current and future sales. New protections include: requiring that both the servicer and legal title holder are FCA-regulated; restrictions on setting SVRs for the lifetime of the mortgage; and no early repayment charges, should a customer wish to switch mortgages.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN 226546 more like this
star this property question first answered
less than 2019-03-04T14:18:22.007Zmore like thismore than 2019-03-04T14:18:22.007Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this
1078692
unstar this property registered interest false more like this
star this property date less than 2019-02-27more like thismore than 2019-02-27
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading UK Asset Resolution remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what criteria for the protection of mortgage holders he plans to direct UK Asset Resolution to use in its future sales of mortgages and loans. more like this
star this property tabling member constituency Blackpool South more like this
star this property tabling member printed
Gordon Marsden more like this
unstar this property uin 226546 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-03-04more like thismore than 2019-03-04
star this property answer text <p>The Government and UK Asset Resolution (UKAR) take treating customers fairly very seriously. UKAR has always included non-negotiable customer protections as part of the legal documents in every sale, past and present. Bidders must accept these terms before their bids are considered on price. For past sales, these protections required that: the servicer of the mortgages is regulated by the Financial Conduct Authority (FCA); the terms and conditions of the mortgages are not changed; and purchasers abide by restrictions on how the Standard Variable Rate (SVR) can be set.</p><p> </p><p>The Government and UKAR have listened to stakeholders on the issue of customer protections and have enhanced the protections for current and future sales. New protections include: requiring that both the servicer and legal title holder are FCA-regulated; restrictions on setting SVRs for the lifetime of the mortgage; and no early repayment charges, should a customer wish to switch mortgages.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN 226545 more like this
star this property question first answered
less than 2019-03-04T14:18:22.053Zmore like thismore than 2019-03-04T14:18:22.053Z
star this property answering member
4051
unstar this property label Biography information for John Glen more like this
star this property tabling member
465
star this property label Biography information for Gordon Marsden more like this