FCA proposes the next stage of support for mortgage borrowers

Regulatory Updates | 26/08/20

The Financial Conduct Authority (FCA) has announced proposals to ensure that firms provide tailored support to mortgage borrowers who continue to face payment difficulties due to coronavirus.

During the initial phase of the pandemic, payment holidays provided mortgage borrowers with immediate and temporary support. They have helped millions of consumers through the immediate impacts of the current emergency and helped firms provide support at unprecedented scale.

The majority of customers who have had a payment holiday are expected to resume full repayment. However, many will remain in financial difficulty.