Regulatory AlertsFinalised Guidance: Bounce Back Loan Scheme: guidance for firms using Pay as You Grow options
The Financial Conduct Authority issued this finalised guidance to clarify expectations for firms offering Pay as You Grow repayment options under the Bounce Back Loan Scheme. It requires lenders and debt collection firms to ensure their practices comply with Chapter 7 of the Consumer Credit Sourcebook when collecting debts from customers. The guidance came into force on 27 January 2021 following a consultation period that incorporated feedback from lenders and trade bodies.
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