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MCOB 13.8 1Home purchase plans

MCOB 13.8

Dealing fairly with customers in arrears: policy and procedures

Note: The rules on establishing and applying a policy and procedures for dealing fairly with customers in arrears apply (see MCOB 13.3).

Arrears: provision of information to the customer

MCOB 13.8.1RRP

If a customer falls into arrears, a firm must provide the customer with adequate information about the arrears in a durable medium:

  1. (1)

    as soon as practicable after becoming aware of that fact;

  2. (2)

    at quarterly intervals; and

  3. (3)

    before commencing action for repossession.

MCOB 13.8.2GRP

A firm may want to refer to the provisions on the information to be provided to a mortgage customer in relation to arrears for guidance (see MCOB 13.4 and MCOB 13.5).

Repossessions

Note: The rules regarding repossessions apply (see MCOB 13.6).