FCA confirms next stage of support for consumer credit and overdraft customers

Regulatory Updates | 02/10/20

The FCA has confirmed measures to ensure that firms provide tailored support for users of certain consumer credit and overdraft products who continue to face payment difficulties due to coronavirus (Covid-19).

The guidance will cover users of credit cards and other revolving credit (store card and catalogue credit), personal loans, motor finance, buy-now pay-later (BNPL), rent-to-own (RTO), pawnbroking and high-cost short-term credit (HCSTC) products and overdrafts.

The measures apply both to consumers who have benefited from support under the current guidance and continue to face financial difficulties, as well as those whose financial situation may be newly affected by coronavirus after the current guidance ends on 31 October.