FCA provides update on support for consumers impacted by coronavirus

Regulatory Updates | 05/03/21

The FCA published an update on support for consumers affected by Covid-19.

The FCA is reminding consumer credit consumers that the deadline for applications for new payment deferrals under the Payment Deferral Guidance (PDG) is 31st March 2021. Only consumers still in a payment deferral on 31st March will be able to extend their payment deferral beyond that date.

From 1st April 2021, consumers who are newly impacted by coronavirus, or find themselves impacted again (whether or not they have previously had a payment deferral), should receive support from their lender in the form of tailored support under the FCA’s tailored support guidance (TSG), which reflects their individual needs and circumstances. This could include short-term support such as a payment deferral, if it is appropriate, although this would be subject to normal credit reporting.

The FCA is monitoring and supervise how firms are implementing our guidance, to ensure that they continue to provide consumers with support that reflects the challenges that they face.

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