Consumer duty & getting support
- I’ve heard about the Consumer Duty, what is it?
The FCA introduced a Consumer Duty into regulation in July 2023. This requires firms to act to deliver good outcomes for retail clients. Whilst Landbay does not offer regulated products to retail customers, we recognise the value and importance of fair customer outcomes and the responsibilities of a prudent mortgage lender under the Consumer Duty. Because of this, you can expect to see alignment to the regulatory expectations when doing business with us.
- What does it mean for me?
- Any broker using Landbay can access our Fair Value Disclosure documents. These are designed to provide the results of the value assessments we undertake for each product family. You can find Landbay’s Fair Value Disclosure documents in the Intermediaries section of our website. We make this information available to intermediaries to help them:
- Understand the characteristics of the product or service
- Understand the identified target market
- Consider the needs, characteristics, and objectives of any customers with characteristics of vulnerability
- Identify the intended distribution strategy
- Ensure the product or service will be distributed in accordance with the target market
- Our products and services are specifically designed to meet the needs of consumers and sold to those whose needs they meet
- The price of products and services represents fair value for customers
- Customer service meets the needs of consumers, enabling them to realise the benefits of products and services and act in their interests without undue hindrance
- Our communications equip customers to make effective, timely and properly informed decisions about financial products and services
- What if I need something else?
Our website is designed to equip our applicants and brokers with the information they need to make informed decisions—whether that’s accessibility, product information, how to complain, or much more. You can find what you need using the documents section of our website.
- My circumstances have changed, what options do I have?
We understand that circumstances can change.
If you are finding it difficult to meet your monthly payments or think you may be affected in the future, please contact us as soon as possible so that a member of our friendly team can discuss the options that may be available to you.
We will ask for details of your income, expenditure and outstanding debt. We may also request supporting documentation, such as copies of your bank account statements, or evidence of any ongoing sale.
We also recommend that you reach out to your financial advisor for advice.
- Ways we may be able to help
Depending on your circumstances, there are a couple of options that could help you get back on track:
- Arrangement to repay arrears (overpayments)
- Temporary reduced payments
Important information:
- Formal agreements made with Landbay are reported to credit reference agencies which may affect your score and ability to obtain further credit.
- Additional interest will continue to accrue on a daily basis at the same rate as your mortgage while they remain unpaid.
- For reduced payments, you will need to be able to repay the unpaid amount at a later date. Please discuss this with one of our team before agreeing to make reduced payments as failure to repay arrears could result in legal action.
- Both temporary reduced payments and arrangements to pay are not a long- term solutions and you should contact your financial advisor if the change in your circumstances cannot be resolved within a short period.
- You can cancel an arrangement to pay arrears with us at any time, but legal action could be considered if we do not have an agreed way forward.
- How to get in touch
Please contact 0330 053 6825 Mon – Fri 9 am to 5.30 pm (excluding bank holidays) or email btl@customers.landbay.co.uk, to speak to a dedicated support specialist.
- Where else can I go for support?
Please see below several organisations that may be able to help. These organisations provide money and debt advice over the phone and online.
Money Helper
0800 138 7777
Citizens Advice
0800 144 8848
StepChange
0800 138 1111
National Debtline
0808 808 4000