Regulatory Alerts2023-05-23
Added · Updated
Strengthening Protections for Borrowers in Financial Difficulty: Consumer Credit and Mortgages
The UK Financial Conduct Authority (FCA) mandates enhanced support frameworks for lenders and mortgage providers to better assist customers experiencing financial difficulty. Firms must implement robust, proactive identification processes and tailored repayment plans that prioritize sustainable debt management over immediate recovery. The policy establishes stricter compliance expectations and enforcement standards to ensure consistent, fair treatment of vulnerable borrowers across consumer credit and mortgage products.