LONDON (Reuters) – The Financial Conduct Authority on Thursday proposed a range of new measures to support households facing sudden financial hardship as result of the coronavirus, including three-month payment freezes on loans and credit card debt.
The package, intended to complement relief already announced by government to support mortgage holders, furloughed staff, renters and the self-employed, also includes pledges to slash interest rates on arranged overdrafts up to 500 pounds to zero, for up to three months.
The FCA, which supervises banks and credit providers across Britain also said consumers using any of these temporary measures should not see their credit rating affected.
It also said it would ensure all overdraft customers were no worse off on price when compared to prices they were charged before recent overdraft changes came into force.
(Reporting By Sinead Cruise, editing by Huw Jones)
