Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Britain to extend pandemic relief in auto finance, high-cost credit

Published 07/03/2020, 02:34 AM
Updated 07/03/2020, 02:35 AM
© Reuters.

LONDON (Reuters) - Britain's Financial Conduct Authority on Friday proposed extending pandemic relief measures for consumers with car financing contracts or high-cost credit until the end of October.

The watchdog set out options for supporting consumers with motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking contracts who are coming to the end of a three-month payment freeze introduced after Britain went into lockdown in March.

The options include a further payment deferral or reducing payments to an amount the customer can afford for a further three months.

"For those who ...can afford to start making payments, even partially, it is in their best interest to do so, but for those that need help it will be there," FCA interim chief executive Christopher Woolard said.

The ban on repossessions should continue until Oct. 31, the FCA said.

The proposals have been put out to public consultation until Monday, with the watchdog finalising the guidance shortly afterwards.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.