Regulatory AlertsOverdrafts and coronavirus: temporary guidance for firms
The Financial Conduct Authority issued this guidance requiring firms with deposit-taking permissions to provide temporary interest-free overdraft support to customers facing financial difficulties due to the coronavirus pandemic. Firms must ensure that up to £500 of arranged overdraft balances are interest-free for eligible customers and review pricing structures to prevent existing customers from being worse off than before regulatory changes. These measures, effective from 14 April for at least three months, aim to offer immediate relief while guarding against long-term over-indebtedness.
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