UK Finance responds to FCA proposals
Responding to the Financial Conduct Authority’s (FCA) proposals for temporary financial relief measures to support customers impacted by Covid-19, Stephen Jones, chief executive of UK Finance, said:
“All lenders are ready to support their customers during this unprecedented situation, with many individual firms already helping with relief on overdrafts and other unsecured debts.
“We have been talking with the regulators about the need to change the rules to enable lenders to provide further help for their customers, where it is needed most. The proposed changes to the FCA’s rules should enable lenders to deliver further support to their customers and we will continue to work with the regulator as part of the industry’s commitment to get the country through these difficult times.
“Lenders want to ensure that customers are both helped with their current financial circumstances and able to manage their borrowing when the crisis has passed. It is critical that the FCA’s proposals do not disrupt the provision of credit to borrowers and takes account of the business models of all credit providers including those outside the mainstream market.
“Firms have been taking a record volume of calls due to Covid-19 while facing the same pressures on staffing as the rest of the country. Where possible we would therefore encourage customers to check their lender’s website first to see if it answers their question, and consider getting in touch via online chat, social media and online banking and mobile apps.”
