31st July 2020

UK Finance responds to FCA draft guidance on vulnerable consumers

Responding to the Financial Conduct Authority's(FCA's) draft guidance on protecting vulnerable consumers, Eric Leenders, Managing Director of Personal Finance at UK Finance, comments “This draft guidance will provide a practical framework to help identify vulnerable customers and ensure they receive the best possible support.
The banking and finance industry has put in place a clear plan to help customers whose finances have been impacted by coronavirus, in particular those in vulnerable circumstances. This includes payment deferrals on mortgages and consumer credit products, providing support through dedicated telephone helplines and helping those shielding to access cash and pay in a way that suits them.

The industry’s response to this pandemic has already been shaped by the FCA’s initial consultation on vulnerable customers and we look forward to working with the regulator to build on this as the guidance is finalised.”