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What does the FCA say?

Enable’s experienced IFAs in Bishop’s Stortford regularly look to the Financial Conduct Authority (FCA) advice as a benchmark of best financial practice. In the UK nearly, all adults are consumers of financial services from bank accounts to mortgages, credit cards, loans, savings and pensions. 

The FCA work to ensure an appropriate degree of protection for all consumers. Enable’s IFAs know that regulation in financial services is vital for trust and like the FCA act to ensure customers are at the heart of how they do business.

Recently the FCA’s proposed a range of temporary measures to offer support to people struggling with their finances due to the coronavirus pandemic. It wrote to banks suggesting they implement the following rules that have largely been taken up: 

• Firms should offer a three-month payment freeze on loans and credit cards for consumers facing financial difficulties as a result of coronavirus. 

• Customers who have already been financially affected should be charged zero interest on overdrafts of up to £500 for three months. 

• Firms should ensure all overdraft customers are no worse off than they were before the recent changes to overdraft pricing came into force. 

• Firms should ensure none of these temporary measures will affect credit ratings. 

Also, the FCA proposed further measures for motor finance and high-cost credit customers. It is suggesting in particular car finance firms should provide a three-month payment freeze for those who are having temporary difficulties meeting finance or leasing payments on a vehicle. It also proposes that firms should not make ‘unfair’ changes to customer contracts during these difficult times. 

Enable’s IFA recommend that you take up any offers of financial help as outlined by the Financial Conduct Authority during the COVID-19 pandemic. If you would like help reviewing your mortgage situation, in particular, Enables’ experienced IFAs are available to talk through your current options.

Your house could be at risk if you do not keep up your mortgage payments.

 https://www.which.co.uk/news/2020/04/coronavirus-what-it-means-for-mortgages-savings-borrowing-and-benefits/ – Which?

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