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When everyone has a home

028 9024 5640: Housing & Debt Helpline for Northern Ireland

Housing Rights responds to consultation on FCA Handbook changes

Housing Rights has responded to a consultation by the Financial Conduct Authority, concerning two changes to their Handbook of Rules & Guidance.

Change to Business Rule 12.4.1, regarding the treatment of payments to pay off the balance of any payment shortfall.

This change aims to ensure that where a customer has a payment shortfall, any payments received from that customer go first towards reducing the balance of this shortfall. Housing Rights welcomes the intent of this amendment, and would encourage the FCA, through its related guidance provision and monitoring, to ensure that all firms comply with the amended rule.

Change to Glossary definition of “payment shortfall.”

This change amends the Handbook’s definition of “payment shortfall”, to align with the intent of the first change. The amended rule makes clear that “payment shortfall” refers only to missed contractual payments of capital and/or interest, and does not include any additional interest, fees, or ancillary charges.

Read our response in full.

Problems with mortgage debt?

Housing Rights offers a free, independent Mortgage Debt Advice Service to people in Northern Ireland who are worried about losing their home. You can contact our mortgage debt advisers on 0300 32 30 10, or visit the mortgage debt section of our housing advice website, Housing Advice NI.

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Author

Stephen Orme