FCA publishes finalised additional guidance on mortgages and coronavirus

Regulatory Updates | 14/09/20

The Financial Conduct Authority (FCA) has published finalised additional guidance setting out how firms should provide tailored support to mortgage borrowers who have benefitted from payment deferrals under the current guidance, and who continue to face financial difficulties, as well as those whose financial situation may be affected by the coronavirus pandemic after 31 October 2020, when the existing coronavirus forbearance measures published in June 2020 are set to expire. The guidance states that from 31 October firms should move back to providing their customers with the tailored support that the FCA normally expects and consider the appropriateness and utility of a range of different short- and long-term support options to reflect the specific circumstances of the customer. Firms are also required to revert to the normal CRA reporting process in relation to any further forms of support provided to customers under this guidance.

The additional guidance will apply from 16 September 2020 and will remain in force until varied or revoked.