Regulatory AlertsFinalised Guidance: Consumer credit and coronavirus: updated guidance for firms
The Financial Conduct Authority has finalised updated guidance for firms regarding consumer credit support during the coronavirus pandemic, introducing rule disapplications effective 25 November 2020. The Payment Deferral Guidance for mortgages and credit has expired, while the Tailored Support Guidance remains in place to assist customers ending deferrals or facing financial impacts after 31 March 2021. Firms are permitted to repossess goods and vehicles from 31 January 2021 but must treat this as a last resort, exercising particular care for vulnerable customers and adhering to public health regulations.
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