- FCA highlights concerns when credit firms allow repeat borrowing
- Travelex strikes deal to stay afloat-1,300 UK jobs to go
- Lloyds launches "The Big Conversation: Helping Britain Recover"
- SCA deadline is nearing: is the market prepared? asks ConnectPay
- Bank of England maintains Bank Rate at 0.1% and comments on economy
- CB Insights State of FinTech report sees renewed signs of activity as funding increased after 2 straight quarters in decline
- Barracuda Networks says official email services have been used to impersonate and scam 6,600 organisations in 2020 expired
- LINE Crypto Asset ‘LINK’ Launches on Japan-based BITMAX Exchange expired
- Commerzbank generates profit for the second quarter in spite of corona costs-capital on track expired
- Barclays Mortgages research indicates UK bigger city residents have increasing interest in moving expired
- Santander UK research says consumers want to actively support their local businesses with increased spending expired
- deVere says higher earners concerned about tax hikes and relief cuts expired
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UK Finance responds to FCA draft guidance on vulnerable consumers
Responding to the Financial Conduct Authority's(FCA's) draft guidance on protecting vulnerable consumers, Eric Leenders, Managing Director of Personal Finance at UK Finance, comments “This draft guidance will provide a practical framework to help identify vulnerable customers and ensure they receive the best possible support.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.”