The UK financial regulator is urging borrowers affected by coronavirus lockdowns to seek support fromtheirbanks, as its figures show 12m Britons are likely to struggle with bills or loan repayments.
In its strongest call to action yet, the Financial Conduct Authority has told consumers in difficulty to ask their lenders for more support and seek free debt advice from government-backed bodies and charities. It has also stressed that it had told banks to offer more options to borrowers after October 31, when three-month repayment holidays will no longer be automatically available.
Thursdays message from the FCA follows a nationwide study that found 31 per cent of adults had experienced a drop in household income during the Covid-19 pandem…
Read the full article at: https://www.ft.com/content/72bf5779-2dd4-48bf-8c09-00e0421efe91
