FCA action for motor finance and high cost credit customers welcome, but ‘questions remain’

The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has welcomed the Financial Conduct Authority’s new package of measures to support motor finance and high cost credit customers financially impacted by the Coronavirus outbreak.

The charity has broadly welcomed the FCA’s proposals on motor finance and other credit products including ‘rent-to-own’ and ‘buy now pay later’ schemes but has questioned why the proposed payment freeze for high-cost short-term credit, including payday loans, is only for one month.

Source: Money Advice Trust
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