Featured Product

    FCA Seeks Views on Further Support for Consumers Affected by COVID-19

    July 31, 2020

    FCA is seeking input on the further support that is needed for consumers coming to the end of a second payment deferral under the temporary guidance to firms on providing payment deferrals for mortgage and consumer credit products. FCA is also seeking views on whether it should extend the current guidance beyond the deadline of October 31, 2020. This call for input will be of interest to credit providers, mortgage providers, and consumer groups, with the deadline for response on the call for input being August 07, 2020.

    FCA issued various measures to help consumers affected by the impact of COVID-19 pandemic. These include temporary guidance setting out how FCA expects firms to support mortgage and consumer credit customers facing temporary payment difficulties because of the pandemic. FCA had recently confirmed that the temporary guidance would remain in effect until October 31, 2020. However, many consumers that have been given a second payment deferral under the temporary guidance will have deferrals that end from September onward. The purpose of this call for input is to:

    • Explore the support still needed by consumers that have already benefited from the temporary guidance but remain in difficulty
    • Seek views on a number of propositions that FCA considers should underpin this next phase of support
    • Understand the challenges firms might face, understand how they are planning to deliver good consumer outcomes, and identify what further guidance they need
    • Seek early views on the factors that should inform the decision on whether to extend the guidance, or provide an alternative form of support, beyond October 31, 2020

    If responses show that further guidance is needed, FCA will publish draft guidance related to mortgages and consumer credit. The draft guidance for mortgages will be published in late August, with the final guidance to be published in early September. Additionally, the draft guidance on consumer credit will be published in mid-September, with the final guidance to be published in late September 2020. 

     

    Related Links

    Comment Due Date: August 07, 2020

    Keywords: Europe, UK, Banking, COVID-19, Credit Risk, Consumer Credit, Loan Moratorium, Mortgage Lending, FCA

    Featured Experts
    Related Articles
    News

    PRA Proposes Changes to Consolidated Prudential Rules Under CRD5/CRR2

    PRA proposed rules (in CP12/21) for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies that have been approved or designated in accordance with Part 12B of the Financial Services and Markets Act 2000 (FSMA).

    June 21, 2021 WebPage Regulatory News
    News

    ECB Extends Leverage Ratio Relief for Banks Until March 2022

    ECB Banking Supervision announced that euro area banks it directly supervises may continue to exclude certain central bank exposures from the leverage ratio until March 2022.

    June 18, 2021 WebPage Regulatory News
    News

    OSFI Consults on Treatment of Credit Valuation Adjustments

    OSFI decided to increase the Domestic Stability Buffer from 1.00% to 2.50% of total risk-weighted assets, with effect from October 31, 2021.

    June 18, 2021 WebPage Regulatory News
    News

    HKMA Requires Banks to Submit Plans for Fintech Adoption

    HKMA is requesting banks to participate in a tech baseline assessment, which forms part of the HKMA Fintech 2025 strategy.

    June 18, 2021 WebPage Regulatory News
    News

    OSFI Consults on Operational Risk Capital Data Management Expectations

    OSFI published two documents to consult on the management of operational risk capital data for institutions required, or for those applying, to use the Basel III standardized approach for operational risk capital in Canada.

    June 18, 2021 WebPage Regulatory News
    News

    NGFS on Addressing Financial Stability Issues from Biodiversity Loss

    The NGFS Study Group on Biodiversity and Financial Stability published a Vision paper exploring the case for action in addressing the financial stability concerns arising from biodiversity loss.

    June 18, 2021 WebPage Regulatory News
    News

    ACPR Publishes CREDITIMMO Version 2.3.0 Taxonomy for Banks

    ACPR published the final version of CREDITIMMO 2.3.0 taxonomy for the decree of October 31, 2021.

    June 18, 2021 WebPage Regulatory News
    News

    EC Prolongs Italian Guarantee Scheme for Non-Performing Loans

    EC, has approved, under the EU State Aid rules, the fourth prolongation of the Italian guarantee scheme to facilitate the securitization of non-performing loans.

    June 18, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Temporary Collateral Easing Measures

    ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.

    June 17, 2021 WebPage Regulatory News
    News

    EIOPA Releases Report on Artificial Intelligence Governance Principles

    EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.

    June 17, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7128