News

Financial Conduct Authority to offer further support for consumer credit users

Tuesday 23 June 2020 10:59 CET | News

The Financial Conduct Authority (FCA) has announced further support for users of certain consumer credit products, who are facing financial difficulty due to COVID-19.

The proposals outline the support companies would be expected to provide credit card and other revolving credit (store card and catalogue credit) and personal loan customers coming to an end of a payment freeze, as well as those who are yet to request one.

For customers yet to request a payment freeze or an interest-free overdraft of up to EUR 553, the time to apply for one would be extended until 31 October 2020. In addition, for those who have already taken up support, companies would continue to offer support with options including a further payment deferral.

Where a customer needs further temporary support to bridge the crisis, any payment freezes or partial payment freezes offered under this guidance should not have a negative impact on credit files.

The FCA will welcome comments on these proposals until 22 June 2020 and expects to finalise the guidance shortly afterwards. 


More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: FCA, Financial Conduct Authority, COVID-19, coronavirus, credit cards, cards, store card, catalogue credit, loans, payments
Categories: Banking & Fintech
Companies:
Countries: United Kingdom
This article is part of category

Banking & Fintech