This guidance applies in the exceptional circumstances arising out of the coronavirus pandemic (Covid-19) and its impact on the financial situation of high-cost short-term credit agreement customers.
On 24 April 2020, we published guidance setting out our expectation that firms should provide, for a temporary period only, exceptional and immediate support to consumers facing payment difficulties due to circumstances arising out of coronavirus. We published proposed revisions to this guidance on 3 July 2020.
Following a short period for comments, we have finalised our revised guidance which will provide continued support for users of high-cost short-term credit agreement products.
We are proposing to disapply some rules in order to give effect to this guidance.