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<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>
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