Recent updates to the FCA’s CONC 7 rules (PS24/2) represent a significant advancement in protecting consumers facing financial difficulties, particularly those using mortgage and consumer credit products.
These changes, set to take effect in November 2024, are crucial as they provide stronger, more comprehensive support mechanisms for individuals at risk of or already experiencing financial hardship. By integrating key aspects of the coronavirus Tailored Support Guidance (TSG) into formal regulations, the new rules extend beyond temporary pandemic-related relief, making consumer protection a permanent fixture in the regulatory landscape.
Key Highlights of the Updates:
Strengthened Protections:The incorporation of TSG elements into the FCA Handbook provides permanent support for customers facing financial difficulties, particularly in the mortgage, consumer credit, and overdraft sectors.
Broader Scope of Support:The new rules apply not only to customers in arrears but also to those at ...
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