Regulatory AlertsCOVID-19 Credit Cards and Personal Loans Instrument 2020
The Financial Conduct Authority issued this instrument to amend the Consumer Credit sourcebook, allowing firms to temporarily defer minimum repayment requirements for credit cards and personal loans. The changes exempt firms from specific refinancing rules and post-contractual requirements during the deferment period if they follow the FCA's temporary coronavirus guidance. These measures came into force on 9 April 2020 to support customers facing financial hardship.
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