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FCA proposals "a welcome short-term reprieve" says Citizens Advice
Citizens Advice has responded to the Financial Conduct Authority's announcement of a series of temporary measures to help those with credit card and some other short term debts during the coronavirus outbreak.
Dame Gillian Guy, Chief Executive of Citizens Advice, said:
“These proposals offer a welcome short-term reprieve for many of those suddenly facing the immediate financial shock of coronavirus.
“But the debt will still be there waiting for borrowers at the end of these three months, and could suddenly have a high interest rate piled on top of it.
“Another major concern is that these protections don’t seem to cover the most vulnerable borrowers, such as those with payday loans.
“The financial fallout of coronavirus will not be fixed by July. The FCA may well need to extend these measures to ensure all customers are protected until they can get their finances back on track.”
Notes to editors
- People can find frequently updated advice on a range of issues related to the Coronavirus outbreak at citizensadvice.org.uk/coronavirus.
- The availability of face-to-face services will be affected during the outbreak. If people need to speak to someone for advice, they should check our website for the status of their nearest Citizens Advice.
- Citizens Advice will continue to offer advice over the telephone on its Adviceline - 03444 111 444 - as well as online chat with advisers. Anyone seeking to make a new claim for Universal Credit should call the Universal Credit Help to Claim line on 0800 1448444
- Citizens Advice includes the national charity; the network of independent local Citizens Advice charities across England and Wales; the Citizens Advice consumer service; and the Witness Service.
- Citizens Advice is the statutory consumer advocate for energy and post. We provide supplier performance information to consumers and policy analysis to decision makers.
- The Citizens Advice Witness Service provides free, independent support for prosecution and defence witnesses in every criminal court in England and Wales.
- Citizens Advice offers Pension Wise services at 500 locations in England and Wales.
- Citizens Advice’s services are free, independent, confidential and impartial, and available to all regardless of race, gender, disability, sexual orientation, religion, age or nationality.
- To get advice online or find your local Citizens Advice, visit citizensadvice.org.uk
- For consumer advice, call the Citizens Advice consumer service on 0808 223 1133 or 0808 223 1144 to talk in Welsh.
- We helped 2.6 million people face to face, by phone, email and webchat in 2017-18. For service statistics see our monthly publication Advice trends.
- Citizens Advice staff are supported by over 23,000 trained volunteers, working at over 2,500 locations in England and Wales.
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