Regulatory AlertsMotor Finance Agreements and Coronavirus: Temporary Guidance for Firms
The Financial Conduct Authority (FCA) issued this instrument to amend the Consumer Credit sourcebook (CONC) by excluding temporary coronavirus-related payment extensions from the regulatory definition of "refinance". This change allows firms to implement the regulator's pandemic guidance on payment breaks and deferrals for motor finance and high-cost credit without triggering stricter refinancing compliance rules. The amendments take effect on 27 April 2020 to provide immediate regulatory certainty during the health crisis.
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