Banks To Tailor Virus Help For Credit Card, Loan Customers

Law360, London (September 16, 2020, 5:55 PM BST) -- The Financial Conduct Authority on Wednesday told lenders to provide tailored support for credit card and loan customers struggling with the novel coronavirus pandemic, as payment deferrals that do not impact consumer credit files are due to end in November.

The City watchdog set out guidance for lenders to help customers who will continue to need support when payment freezes on products including credit cards, store cards, motor finance and personal loans end on Oct. 31.

The FCA urged banks in April to offer three-month payment breaks to customers who fell ill or lost their jobs during the COVID-19 crisis, and extended...

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