Regulatory AlertsMotor finance agreements and coronavirus: updated temporary guidance for firms
The UK Financial Conduct Authority issued this finalised guidance to provide continued exceptional support for consumers facing payment difficulties due to the coronavirus pandemic. The document outlines expectations for firms to offer temporary payment deferrals and proposes disapplying certain rules to facilitate this relief. This guidance supersedes earlier publications from April and July 2020 and was updated with effect from 25 November 2020.
This guidance applies in the exceptional circumstances arising out of the coronavirus pandemic (Covid-19) and its impact on the financial situation of motor finance customers.
On 19 November, we published updated guidance for firms on Motor finance agreements and coronavirus related to the provision of payment deferrals, which replaces this with effect from 25 November 2020.
Read Finalised Guidance (PDF)
On 24 April 2020, we published guidance setting out our expectation that firms should provide, for a temporary period only, exceptional and immediate support to consumers facing payment difficulties due to circumstances arising out of coronavirus. We published proposed revisions to this guidance on 3 July 2020.
Following a short period for comments, we have finalised our revised guidance which will provide continued support for users of motor finance products.
We are proposing to disapply some rules in order to give effect to this guidance.
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