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Building societies heed regulator warning
28 November 2008 17:06
Building societies have taken notice of a warning issued today (November 28th) regarding the treatment of their customers in arrears.
Earlier this afternoon, the Financial Services Authority (FSA) wrote a letter to all of the UK's major building societies advising them over their future conduct with clients who have fallen behind on payments.
Now, the Building Societies Association (BSA) has received the warning in good faith and claimed its members always act in the interests of customers.
Adrian Coles, director general of the BSA, said that the number of arrears predicted to rise over the next year, it was vital that all lenders treat their mortgage customers responsibly.
He added that building societies genuinely wanted customers to stay in their homes if they fell into arrears, and only saw home repossession as a last resort.
In other news, Woolwich recently announced that it would be cutting its range of fixed-rate deals by up to 0.7 per cent.
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