Lenders are to pay out up to £47m in redress to borrowers in difficulty

The FCA reports they have worked with almost 100 lenders on how they treat borrowers in financial difficulty and have sought significant improvements from many of them. Issues identified included not adequately tailoring support to individual circumstances, failing to respond appropriately to customers with characteristics of vulnerability, and not effectively engaging with customers about money guidance and debt advice.

The FCA has so far secured up to £47m of redress from 17 of these firms for over 195,000 customers. It has given detailed feedback to all the firms it worked with on areas they need to improve.

Source: FCA