Enforcing standard security Scotland—default events, creditor’s rights and service of notices
Produced in partnership with Alistair Drummond of DLA Piper
Enforcing standard security Scotland—default events, creditor’s rights and service of notices

The following Property Disputes practice note Produced in partnership with Alistair Drummond of DLA Piper provides comprehensive and up to date legal information covering:

  • Enforcing standard security Scotland—default events, creditor’s rights and service of notices
  • Legal framework
  • Securities over property used for 'residential purposes' and other securities
  • Monetary breaches
  • Non-monetary breaches
  • Remediable non-monetary breach
  • Irremediable non-monetary breaches
  • Calling-up notices
  • Default notices
  • Effect of expired notices
  • More...

Coronavirus (COVID-19): The Financial Conduct Authority (FCA) has published guidance for regulated firms and information for consumers which are valid until 31 October 2020. Firms should not commence or continue repossession proceedings against customers before 31 October 2020, given the unprecedented uncertainty and upheaval they face, and government advice on social distancing and self-isolation. This applies irrespective of the stage that repossession proceedings have reached and to any step taken in pursuit of repossession. Where a possession order has already been obtained, firms should refrain from enforcing it.

The guidance for regulated firms builds on Principle 6 (‘A firm must pay due regard to the interests of its customers and treat them fairly’), Principle 7 (‘A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading’) and MCOB 2.5A.1R (‘A firm must act honestly, fairly and professionally in accordance with the best interests of its customer’). It is potentially relevant to enforcement cases and the FCA may take it into account when considering whether it could reasonably have been understood or predicted at the time that the conduct in question fell below the standards required by Principle 6, Principle 7 and MCOB 2.5A.1R. A firm is likely to contravene these rules if it acts in a manner inconsistent

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