FCA confirms further support for consumer credit customers

The Financial Conduct Authority (FCA) has confirmed further support for users of certain consumer credit products if they are experiencing temporary payment difficulties due to the coronavirus pandemic.

The Financial Conduct Authority (FCA) has confirmed further support for users of certain consumer credit products if they are experiencing temporary payment difficulties due to the coronavirus pandemic.

The measures outline the options firms will provide for credit card, revolving credit and personal loan customers who are coming to the end of a payment freeze. They also outline options for customers who have agreed an arranged interest-free overdraft of up to £500.

In addition, customers yet to request a payment freeze or an arranged interest-free overdraft of up to £500 will have until 31 October 2020 to apply for one.

According to UK Finance, its members have offered over 27 million interest-free overdrafts, provided 992,400 payment deferrals on credit cards and 686,500 payment deferrals on personal loans during the pandemic.

Christopher Woolard, Interim Chief Executive at the FCA, said:

'Since the coronavirus crisis began, we have made support available for those borrowers financially affected by the pandemic.

'For those who are now in a position to restart payments, it will be in their best interests to do so. But for those who still need it, the package we are confirming today ensures there is help and further support.'

Internet link: FCA press release

Copyright

© 2020 Bishops Chartered Accountants. All rights reserved.

powered by totalSOLUTION

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01254 261166

Home | Contact Us | Site map | Accessibility | Disclaimer | Privacy | Help |

Blackburn Office: Bishops Chartered Accountants, Phoenix Park, Blakewater Road, Blackburn, Lancashire BB1 5BG
Blackpool Office: Bishops Chartered Accountants, 1 Croft Court, Plumpton Close, Whitehills Business Park, Blackpool FY4 5PR

In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurer is Bluefin. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.