The Consumer Council welcomes the FCA’s latest COVID-19 financial relief measures

The Consumer Council welcomes the Financial Conduct Authority’s latest temporary financial relief measures for motor finance and high-cost credit that apply from today (27 April 2020).

This comes as the Financial Conduct Authority (FCA) announces that it has introduced additional measures to support consumers that are experiencing a change in financial circumstances due to the coronavirus.

The FCA’s new measures cover:

  • Motor finance (including hire-purchase and leasing agreements);
  • High-cost short-term credit (including payday loans);
  • Rent-to-own;
  • Buy-now pay-later; and
  • Pawnbroking.

John French, Chief Executive at The Consumer Council, said: We are in uncertain times, which is understandably increasing financial stress and worry. Therefore, we welcome the FCA’s latest temporary relief measures that will help consumers who are experiencing financial difficulties as a result of the coronavirus.”

John added: “We would recommend that anyone who is currently struggling with their finances should contact their lender for further information on what support is available to them.”

The Consumer Council also has a dedicated Personal Finances coronavirus webpage, which offers advice for consumers, including the latest information on sick pay, mortgages, benefits and what banks are doing to help consumers throughout the coronavirus pandemic.

Last updated 1 month ago