Response - FSA Arrears and Approved Persons

We recommend that:

The proposals must be implemented as soon as possible to improve outcomes for the many thousands of borrowers who are likely to struggle in 2010-11.The FSA must hold true to its commitment to ‘move quickly’.

The FSA needs adequately resourced and stringent monitoring and enforcement procedures if the proposals are to be effective. Some of the proposals on arrears management handling do not go far enough – we would like to see even tougher rules proposed for MCOB 13.