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.
A survey of more than 7,000 people, conducted by the FCA during the coronavirus pandemic, found 12 million people in the UK had low financial resilience, meaning they may struggle with bills or loan repayments. The data shows 2 million of those who are not financially resilient have become so since February 2020.