The FCA has announced plans to freeze loan and credit card payments for up to three months as part of emergency measures for consumers impacted by the coronavirus outbreak.
The measures could come into force as soon as 9 April. The Financial Conduct Authority
said the process was being fast-tracked “given the national emergency
and the significant impact on consumers’ finances right now”.
It is aimed at consumers and renters who are not benefiting from
existing relief measures that have targeted homeowners – with mortgage
payment holidays – or business owners.
proposals include a temporary freeze on loan and credit card payments
for consumers who are facing financial difficulties as a result of the
The FCA said consumers who were at risk of having their credit cards suspended because of the regulator’s new affordability rules would not lose access to their accounts.
Lenders would also have to waive interest charges on arranged
overdrafts up to £500 over the same period, which would extend relief already announced by some banks including Barclays, HSBC and Lloyds.
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