Regulatory AlertsFinalised Guidance: Consumer credit and coronavirus: additional guidance for firms
The Financial Conduct Authority issued this finalised guidance to regulate consumer credit firms' treatment of customers facing payment difficulties due to the coronavirus pandemic after the expiration of temporary July measures. It requires firms to provide tailored, sustainable forbearance arrangements for customers remaining in difficulty after payment deferrals end, ensuring fair treatment and protection from escalating debt. The document also mandates specific protocols for credit reference agency reporting and outlines expectations for handling arrears and refinancing options in a way that prioritizes customer interests over commercial gains.
Share