FCA confirms temporary financial relief for customers impacted by coronavirus

by | Apr 9, 2020

Share this article

FCA Logo

The rule changes will be in force from today and the full range of measures will apply by Tuesday 14 April 2020. This is to allow firms time to ensure they have the appropriate level of resources available to handle customer requests.  All firms will be ready to receive customer requests by 14 April, although some firms including the major banks and building societies, will be adopting the changes today.

Consumers should check firm websites or social media posts for more information, and where possible use online services to request assistance.  This will reduce the pressure on firm call centres who are experiencing a high demand in calls due to the current pandemic situation.  If consumers need to get in touch by telephone please be patient and, if you can, wait until after the Easter weekend, even if your lender is offering help sooner than the 14 April 2020.

In response to the consultation, the guidance now includes clarification on which products are in scope. In particular, the FCA are confirming that the following products are covered: guarantor loans, logbook loans, home collected credit, a loan issued by Community Development Finance Institution and some loans issued by credit unions, but only where these are regulated. The guidance also applies to firms which have acquired such loans.

These measures won’t replace normal forbearance rules where these would be more suitable for a consumer in serious and immediate financial difficulty. Consumers in financial difficulty should contact the Money Advice Service (MAS) for further guidance.

The FCA will keep this guidance under review.

Share this article

Related articles

Winners of the Protection Guru Awards 2022 are announced

Winners of the Protection Guru Awards 2022 are announced

Protection Guru, has today announced the winners of Protection Guru Awards 2022. In this, their second year, the awards have been established to recognise the leading lights of the protection industry. The team at IFA Magazine extends our congratulations to all this...

Trending articles