Regulatory AlertsFS20/15: Consumer credit and coronavirus: Additional guidance for firms - Feedback on draft guidance
The Financial Conduct Authority published final guidance requiring firms to provide tailored support to consumer credit and overdraft customers facing payment difficulties due to the coronavirus pandemic. This directive replaces the temporary July guidance, which expires on 31 October 2020, with ongoing expectations for forbearance, including waiving interest to prevent escalating balances and ensuring fair credit file reporting. The regulator incorporated feedback from industry and consumer groups to clarify scope, treatment of deferred amounts, and the assessment of sustainable repayment arrangements.
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