On 2 April we proposed a range of measures to provide consumers with temporary support because of the current exceptional circumstances arising out of coronavirus (Covid-19). This Feedback Statement (FS) responds to the views we received.
We wanted to act quickly to protect consumers in these difficult times and, therefore, did not formally consult on the proposals or produce a cost benefit analysis. We considered that the delay in doing so would be prejudicial to the interests of consumers. However, we invited comments on our proposals which we have taken into account when finalising the rules and guidance.
We are now publishing our made rules and finalised guidance, subject to a small number of changes. These clarify the scope of application of the guidance in a number of areas, including in relation to the product type and circumstances of the customer. This Feedback Statement also provides clarifications on other key points raised.
Who this affects
The rules and guidance affect a range of firms including providers of:
- credit cards and retail revolving credit (including store cards and catalogue credit)
- personal loans
- guarantor loans
- logbook loans
- home-collected credit
- community development finance
Actions and next steps
The rules come into effect on 9 April 2020 and guidance comes into effect from 14 April 2020.
We will keep these rules and guidance under review in light of the evolving coronavirus situation and bring forward further measures if necessary.