FCA Unaffordable Lending Survey Postponed

03/04/2020

And Consultation To Help Customers during Covid-19

FCA have announced that the survey which a number of members had been asked to complete, has now been postponed along with most of their consultation activities and other projects. The survey will be re-arranged for a later date, but they will then be expecting those who have not provided the data to do so at that point in the future. NPA are liaising with the Research team and have provided guidance for members.

The FCA has launched a consultation, closing Monday 6 April, on proposed a range of targeted temporary measures to help people who are struggling with loan repayments and overdraft fees in light of COVID-19. The measures will include waiving interest charges on credit cards and providing a £500 interest-free buffer on overdrafts. Also included is the proposals that firms should offer a temporary payment freeze on personal loans, for up to three months, but this does not include pawnbroking.