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We welcome FCA emergency financial relief proposals

A standard minimum approach from lenders will help people and make advising them more straightforward

We welcome the proposed approach set out by the Financial Conduct Authority (FCA) that would see a standard baseline set of payment freeze and other help across the consumer credit sector take effect next week for people whose finances have been negatively impacted by the coronavirus crisis.

Peter Tutton, Head of Policy here at StepChange Debt Charity, says:

“We have already seen a number of firms introducing temporary payment holidays and forbearance, but to know that as a bare minimum people would effectively have a three-month freeze period would provide enormous peace of mind to many. This approach would also help debt advice organisations by introducing a welcome and clear expectation level of minimum standards of help people can rely upon, reducing the need for constant checking on what individual creditors might be offering as a stopgap emergency measure .”

Notes to Editors

  1. The FCA’s press release can be found here: https://www.fca.org.uk/news/press-releases/fca-proposes-temporary-financial-relief-customers-impacted-coronavirus
  2. Due to the current health crisis, our phone lines are operating at a reduced capacity while we adjust. If directing people to our services, please in the first instance direct them to our website, stepchange.org, where they can undertake full and free debt advice entirely online. This service operates 24/7.

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