Regulatory AlertsFS20/9: Further support for consumers impacted by coronavirus: feedback on draft guidance and rules (personal loans, credit cards and overdrafts)
The UK Financial Conduct Authority published finalised rules and guidance to provide continued temporary support for consumers facing payment difficulties with personal loans, credit cards, and overdrafts due to the coronavirus pandemic. The measures extend the application window for payment deferrals until 31 October 2020 and clarify that firms must waive interest on deferred amounts if customers require further forbearance at the end of their deferral period. The guidance also addresses operational issues such as reliance on customer-provided information, Credit Reference Agency reporting, and the flexibility for firms to offer alternative support solutions where deferrals are not in the customer's best interests.
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