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1 minute read
The Financial Conduct Authority (FCA) has confirmed a package of temporary measures to help people with some of the most commonly used consumer credit products.
Following a short consultation the FCA will be going ahead with the proposals I outlined last week, which will give firms the flexibility under the FCA rules to provide temporary financial relief to those facing payment difficulties during the COVID-19 pandemic.
The rule changes, which came into force on the 9 April apply from yesterday (Tuesday 14 April 2020).
The measures include firms being expected to:
To ease pressure on the lenders, consumers are advised to use online services to request assistance.