Regulatory Alerts2020-10-20
Added · Updated
PS21/1: Breathing Space Regulations: changes to our Handbook
The Financial Conduct Authority amends the Consumer Credit sourcebook (CONC) to clarify how its rules interact with the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium (England and Wales) Regulations 2020), which come into force on 04 May 2021. The changes specify that persistent debt and repeat overdraft rules are not reset if temporarily paused due to a moratorium, and confirm that firms may still cancel overdraft facilities or reduce limits during a moratorium. The Authority decides not to amend the Mortgages and Home Finance Conduct of Business (MCOB) rules or CONC 8 (Debt Advice), stating that existing guidance sufficiently addresses the interaction with the new Regulations.
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