The Association of Short Term Lenders (ASTL) has once more written to HM Treasury, requesting mutual engagement and a joined-up approach regarding changes to the current enforcement moratorium.
The trade body highlighted conflicting information and inconsistent messaging from the Financial Conduct Authority (FCA) and the courts, as regards the moratorium.
Its letter to the government read: “The FCA has announced proposals that indicate the current ban on repossessions of homes should be continued to 31 October 2020.
“However, at the same time, we are aware that the courts are preparing arrangements to recommence possession proceedings from 29 June 2020. We believe a joined up approach is needed for funders and consumers alike.”
The ASTL also repeated its offer to participate in discussions and future plans. It added: “We would therefore request a collaborative approach that puts public health first, protects business and also acknowledges the vital role that short-term mortgage lending community can play in the UK’s economic recovery.
Vic Jannels (pictured), CEO of the ASTL, said: “It seems to us that there is a need for far more detailed provision in the mortgage market, which is made up of many products, not just traditional long-term owner-occupier residential mortgages, and so we have sought to encourage HM Treasury to recognise that we are here to help in that regard.
“We think it is important that we work together on an effective and diverse financial response to the current situation so that we are able to follow a balanced approach that best supports the UK’s economic recovery.”