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    If responses show that further guidance is needed, FCA will publish draft guidance related to mortgages and consumer credit. The draft guidance for mortgages will be published in late August, with the final guidance to be published in early September. Additionally, the draft guidance on consumer credit will be published in mid-September, with the final guidance to be published in late September 2020.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

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News
    News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News
    News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News
    News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News
    News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News
    News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News
    News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News
    News

    EBA Updates Address Securitization Standards and DGS Guidelines

    The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.

    February 21, 2023 WebPage Regulatory News
    News

    FSB Publishes Letter to G20, Sets Out Work Priorities for 2023

    The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023

    February 20, 2023 WebPage Regulatory News
    News

    ISSB Standards May Become Effective from January 2024

    The International Organization of Securities Commissions (IOSCO) welcomed the confirmation statement by the International Sustainability Standards Board (ISSB) setting out its progress in the development of its first sustainability-related corporate disclosure standards.

    February 17, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8792