Financial Relief in the face of Coronavirus – Credit Plans from FCA now adopted by High Street Banks07-Apr-2020
Recently proposed rules by the Financial Conduct Authority are to be introduced by Banks, Building Societies, Financial Lenders and other money firms in an effort to reduce pressure on customers in financial difficulties due to the COVID-19 pandemic.
As part of proposals planned by the Financial Conduct Authority (FCA) long before the coronavirus outbreak, the some of the policies being put into place include making overdraft pricing simpler and fairer, reducing the burden on some people who have previously been paying high charges.
As an example, this could mean financial firms can only charge one single annual interest rate for both arranged and unarranged borrowing.
On-line newscasters Kent Live have a listing of high street banks who are already putting the FCA’s proposals into place.