Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

MCOB 13.8 1Home purchase plans

MCOB 13.8

Dealing fairly with customers in arrears: policy and procedures

Note: The rules on establishing and applying a policy and procedures for dealing fairly with customers in arrears apply (see MCOB 13.3).

Arrears: provision of information to the customer

MCOB 13.8.1RRP

If a customer falls into arrears, a firm must provide the customer with adequate information about the arrears in a durable medium:

  1. (1)

    as soon as practicable after becoming aware of that fact;

  2. (2)

    at quarterly intervals; and

  3. (3)

    before commencing action for repossession.

MCOB 13.8.2GRP

A firm may want to refer to the provisions on the information to be provided to a mortgage customer in relation to arrears for guidance (see MCOB 13.4 and MCOB 13.5).

Repossessions

Note: The rules regarding repossessions apply (see MCOB 13.6).