Regulatory AlertsCredit cards and coronavirus: updated temporary guidance for firms
The regulator issued updated finalised guidance on 19 November 2020 regarding credit cards and retail revolving credit during the coronavirus pandemic. This document replaces previous advice and proposes to disapply certain rules to enable firms to provide exceptional, immediate support to consumers facing payment difficulties. The guidance ensures continued temporary assistance for credit card users affected by the financial impact of the pandemic.
This guidance applies in the exceptional circumstances arising out of the coronavirus pandemic (Covid-19) and its impact on the financial situation of credit card customers.
On 19 November 2020 we provided updated finalised guidance for firms on credit cards (including retail revolving credit) and coronavirus related to the provision of payment deferrals, which replaces this with effect from 25 November 2020.
Read Credit Cards 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 credit card products.
We are proposing to disapply some rules in order to give effect to this guidance.
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