Pestering sub-prime lenders face stiff penalties

A MAJOR crackdown is to be launched on mortgage lenders who harass customers or force them to pay inflated costs.

Lenders who act in this fashion against customers who have fallen into arrears will face serious penalties, including multi-million euro fines, under measures announced by the Financial Regulator.

Following a trawl of financial institutions last year, Financial Regulator Matthew Elderfield said his office found serious “regulatory concerns”.