Thursday, April 02, 2020

FCA Orders Loan and Credit Card Payments Freeze

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.

The proposals include a temporary freeze on loan and credit card payments for consumers who are facing financial difficulties as a result of the outbreak.

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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