New efforts to improve standards of mortgage compliance among firms have been welcomed by the Consumer Credit Counselling Service (CCCS).
The Financial Services Authority's (FSA's) decision to launch new measures to protect both consumers with mortgage arrears and those entering sale and rent back (SRB) agreements has been supported by the organisation.
Malcolm Hurlston, chairman of CCCS, said the move will ensure borrowers can tackle their debt problems "more fairly and effectively".
"It is good to see measures that further entrench repossession as a last resort among lenders, strengthening the mortgage pre-action protocols currently in place," he explained.
"FSA proposals to fully regulate the SRB sector are very much welcome."
Lesley Titcomb, FSA director responsible for mortgages, said the regulator's new standards make it very clear what the organisation expects from firms.
The FSA has also warned it is "proactively monitoring" the market and will take action against firms if necessary.
Posted by Tony Miller