BBA: Banks trying to comply with FSA requests

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BBA: Banks trying to comply with FSA requests

The British Bankers' Association (BAA) has responded to a letter from the Financial Standards Authority (FSA) urging lenders to do more to avoid repossessions.

Banks are too often placed in the same category as other mortgage lenders and not given enough credit for the work they do to keep repossession levels to a minimum, according to the BBA's chief executive.

Angela Knight commented: "Too often the term 'bank' is used as shorthand for a mortgage lender without distinction.

"Banks are […] working hard to ensure as many of their customers as possible are protected against the downturn [and] repossession is the absolute final step for a bank, once all other options […] have been exhausted."

She added that banks do their best to treat customers fairly, as evidenced by the one-to-one debt counselling services many provide for customers experiencing financial hardship.

The Council of Mortgage Lenders has also criticised the letter, claiming most lenders already have in place many of the practices called for by the FSA.

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