Regulatory AlertsFS20/18: Consumer credit and coronavirus: Updated Payment Deferral and Tailored Support Guidance for firms (November 2020)
The Financial Conduct Authority issued updated guidance for consumer credit firms to extend payment deferrals and tailored support for customers facing coronavirus-related financial difficulties. The final rules allow eligible customers to receive up to six months of cumulative deferrals, including non-continuous periods for those who resumed payments, with applications accepted until 31 March 2021. These measures, which modify certain Consumer Credit sourcebook rules, came into force on 25 November 2020 to protect consumers while maintaining market integrity.
Share