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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.”