COVID-19 – FCA responds to Treasury Committee on inquiry into economic impact of coronavirus

Regulatory Updates | 21/05/20

The Financial Conduct Authority (FCA) has published a letter from Christopher Woolard, Interim CEO, to Mel Stride MP, Chair of the Treasury Select Committee, responding to questions put to the FCA as part of the inquiry into the Economic Impact of Coronavirus. Mr Woolard’s response addresses issues including:
• the protection of customers utilising temporary financial relief measures
• what work the FCA considers will be needed after the initial 3-month period of temporary financial relief
• the timeline for further FCA measures in the areas of motor finance and high-cost short-term credi;
• the FCA’s interventions to date to ensure the fair treatment of vulnerable customers affected by the COVID-19 outbreak
• the FCA’s Small Business Unit and its work.