£12million compensation to be paid to thousands of struggling borrowers

Following a report published by the FCA last week, the regulator found evidence of both good and poor practices to support borrowers in financial difficulty during the coronavirus pandemic. Out of 50 firms reviewed, the FCA believed only 30% of firms fully considered customer-specific circumstances and largely that repayment plans were unaffordable or unsustainable. Seven firms have voluntarily agreed to pay a total of £12million in compensation to nearly 60,000 customers.

Source: FCA