A sustained spike in mortgage-arrears data published by the Bank of England had left home loan providers in the U.K. puzzled. Turns out some lenders were entering incorrect data.
The central bank has asked a number of mortgage providers to resubmit data for some home-loan statistics following a joint investigation with the Financial Conduct Authority, a person with knowledge of the matter said. It found some lenders were overstating arrears by including loans which should not have been added, the person said, asking not to be identified because the probe was confidential.
The BOE now expects to restate the arrears figures when it updates the data in the coming quarters, the person said. Spokeswomen for the central bank and the FCA declined to comment.
The Political Headline Cup Runneth Over
USD/CAD Canadian Dollar Lower Ahead of US Jobs Data
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at firstname.lastname@example.org. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.