The government has called the 10 biggest UK mortgage lenders to a crisis summit with the Director General of Fair Trading and the Financial Services Authority.
Trade secretary Stephen Byers said today he wants to make sure consumers get a fair deal. He is insisting that mis-selling, tie-ins, redemption penalties and repossessions are all on the meetings agenda, which will be held within the next eight weeks.
The minister said at Labours Bournemouth conference today: “I have concerns about the mortgage market and I want to talk to lenders to see whether there is anything government or they could be doing to ensure consumers get treated fairly.”
The top 10 lenders represent £330bn of mortgage lending. Banks and building societies expected to attend include the Abbey National, Alliance & Leicester, Barclays, Bradford & Bingley, Halifax, Lloyds TSB, National Westminster, Nationwide, Northern Rock and Woolwich. The Banking Ombudsman, Council of Mortgage Lenders and consumer groups have also been invited.
EGi News 29/09/99
