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Lenders warned on arrears rules for third parties

The Financial Services Authority last week warned lenders to comply with its arrears regulations, in particular when using third party
outsourcing firms.

In its Mortgage LendersRoundup newsletter for December it says that after Christmas Day any third party outsourcer that does not record phone calls with those in arrears will be breaching rules.

Lenders must have recording systems in place, even if they have outsourced arrears handling.

It says: “After December 25 any party who, on behalf of a lender, is discussing sums due with borrowers who are in arrears without call
recording will need to stop or they will be putting the lender in breach of their regulatory obligations.”

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