FS20/4: Temporary financial relief for consumers impacted by coronavirus: feedback on draft guidance and rules (motor finance and high cost credit)

Regulatory Updates | 24/04/20

A document published by the Financial Conduct Authority (FCA) summarises the feedback received to proposals for a range of measures to support consumers during the COVID-19 pandemic, together with its response, finalised rules and guidance. The rules, which take effect from 27 April 2020 apply to a range of firms including providers of: motor finance (including personal contract purchase, personal contract hire and conditional sale agreements); rent-to-own, buy-now-pay-later and pawnbroking; and high-cost short-term credit. “High-cost short-term credit and coronavirus: temporary guidance for firms” sets out their expectation that firms provide, for a temporary period only, exceptional and immediate support to customers facing payment difficulties due to circumstances arising out of COVID-19.