Be fair over home-loan arrears, banks told

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It is the second time recently that the City regulator has told lenders they must get their act together, particularly when it comes to repossessing homes too quickly.

It follows Chancellor Alistair Darling's announcement in his Pre-Budget Report that major lenders had agreed they would not repossess homes until a mortgage payer was at least three months in arrears.

FSA retail managing director John Pain has written to all UK bank and building society chief executives, saying they must prove by 31 January that they are treating their mortgage customers fairly.

"In such a challenging operating environment it is particularly important for senior management to ensure the fair treatment of customers," Pain said.

He said firms must review a sample of cases of people who are in arrears to check they are dealt with properly.

"Where we find that lenders are not complying with our requirements, we will make appropriate use of regulatory tools which may include enforcement actions," he said.

That could mean fines and censure for those banks or building societies who break the rules.