Getting it right for consumers is at the centre of what we do and the area of mortgage arrears is an important priority for us. In early 2009 we added to our consumer protection arsenal by launching a new code of conduct setting out how regulated lenders must deal with consumers who were in arrears with their mortgage payments.
While our Consumer Protection Code already required regulated lenders to treat customers fairly, we felt we needed to strengthen the requirements to protect consumers who were facing difficulties repaying the mortgage on their family home.