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Advisers made to carry the can for lenders
Name and shame the lenders that have not been acting responsibly and treating their customers fairly, that’s what I say.
Today the FSA reiterated its call for lenders to treat customers fairly and lend responsibly, particularly in today’s challenging market conditions.
After a review of 18 firms, it revealed that some lenders were not checking customers’ incomes in cases where they should have had reason to doubt the amount declared.
But, to me, more worrying is that the review has also brought to light the fact that lending policies operated by mortgage lenders are vague, particularly on the factors used to assess customers ability to repay.
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