The FCA has published the additional guidance for firms on the next stage of help for consumers. The guidance hopes to ensure that firms provide tailored support to consumers of arranged overdrafts who continue to face payment difficulties due to coronavirus.
The FCA guidance clarifies the position on:
- the FCA’s expectations on how firms should treat those customers continuing to face financial difficulties due to Covid-19
- what firms must do in relation to their repeat use strategies
- the obligations firms have, and options they can consider, in relation to forbearance
- the debt advice available
As with the other Covid-19 related consultations, the FCA are looking for prompt responses to this paper, with responses due by Monday 21 September at 10am.