by: Credittoday
Mortgage lenders face further regulatory sanctions in the coming year in arrears cases where consumers have not been adequately protected, the Financial Services Authority (FSA) has warned.

The FSA said it would continue to take "tough action" in mortgage arrears cases where it judges that firms have not treated customers in arrears fairly, or have failed to provide adequate protection for consumers.

The warning, outlined in the FSA’s Annual Report, follows action taken against four mortgage firms in separate cases since April 2010, in relation to the arrears practices of the respective firms.

Hector Sants, chief executive of the FSA (pictured), said: "Our key focus in the last year has been our consultation on arrears, responsible lending, and distribution and disclosure.

"We recognise that there will always be instances where firms fail to treat their customers fairly and have therefore retained our focus on addressing these issues. In particular, we have been implementing our new power under the Financial Services Act 2010, to secure redress for consumers where there is evidence of......Click HERE to read more on this story