FCA: Update on mortgages, consumer credit, banking and payments during coronavirus
Regulatory Updates | 27/01/21
The FCA have published an update on issues relating to mortgages, consumer credit, banking and payments during coronavirus.
For consumer credit, they have updated the guidance so that firms will be able to repossess goods and vehicles from 31 January 2021. The final guidance emphasises that this should only be as a last resort, and subject to complying with relevant government public health guidelines and regulations, for example on social distancing and shielding. Importantly, firms will also need to consider the potential wider impact on vulnerable customers, including because of the pandemic, when deciding whether repossession of goods or vehicles is appropriate.