3rd July 2020

UK Finance responds to FCA announcement on further support for consumer credit customers

Responding to the Financial Conduct Authority’s (FCA) updated guidance for consumer credit customers affected by the coronavirus, Eric Leenders, UK Finance Managing Director of Personal Finance, comments:

“Lenders are committed to supporting customers through these tough times and the updated guidance from the FCA gives clarity on the next steps for those who continue to face financial difficulty during the ongoing pandemic.

For customers who are able to do so, it will be in their best interests to resume payments, but for anyone who is struggling then lenders stand ready to help either through the provision of further payment deferrals, if appropriate, or other support options. Customers who have not applied to their lender for support still have the opportunity to do so until the end of October. For customers with longer-term financial difficulties, lenders are offering continued help and flexibility to suit their needs.

“The banking and finance industry has a clear plan to help the country through this unprecedented period and is committed to providing ongoing support to those customers who need it.”