Regulatory AlertsPersonal loans and coronavirus: updated temporary guidance for firms
The regulator issued updated temporary guidance for firms regarding personal loans during the coronavirus pandemic, replacing previous instructions effective from 25 November 2020. This document finalizes revised expectations that firms provide exceptional and immediate support to consumers facing payment difficulties due to the crisis. To facilitate this continued support, the regulator proposes to disapply certain rules governing personal loan products.
This guidance applies in the exceptional circumstances arising out of the coronavirus pandemic (Covid-19) and its impact on the financial situation of personal loans customers.
On 19 November, we published updated guidance for firms on personal loans and coronavirus related to the provision of payment deferrals, which replaces this with effect from 25 November 2020.
Read Personal loans and coronavirus: updated temporary guidance for firms (PDF)
On 9 April 2020, we published guidance setting out our expectation that firms should provide, for a temporary period only, exceptional and immediate support to consumers facing payment difficulties due to circumstances arising out of coronavirus.
Following a short period for comments, we have finalised our revised guidance which will provide continued support for users of personal loans products.
We are proposing to disapply some rules in order to give effect to this guidance.
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