FCA highlights continued support for consumers struggling with payments

Regulatory Updates | 22/10/20

The Financial Conduct Authority is urging consumers struggling to make repayments due to the impact of coronavirus (Covid-19), to speak to their lenders about options available to them. The FCA has put in place a package of support for people in difficulty to ensure help is available after 31 October 2020.
• FCA reminds consumers help is available from lenders if they are finding it hard to keep up with payments due to coronavirus (Covid-19).
• Consumers having trouble managing their debts can get free advice.
• FCA survey shows that in July 12 million UK adults had low financial resilience.
• 31% of adults have experienced a decrease in household income, with Black, Asian and Minority Ethnic (BAME) and young people more likely to be affected.
• Those with low financial resilience are more likely to fall behind on payments.