Ensuring the fair treatment of customers in vulnerable circumstances.

In a recent publication, the FCA announced that it has seen inconsistent practice from firms, identifying areas where it expects to see improvement and additional focus. The 'Dear CEO' letter made clear that:

"as consumers across the country are affected by the rising cost of living, it is critical that lenders meet the standards the regulator expects to support borrowers, including those in financial difficulty. It adds that firms will need to understand the changing pressures on consumers and that some consumers will be in vulnerable circumstances or may be experiencing financial difficulty for the first time."

The letter goes on to provide more detail on the FCA's expectations, with particular relevance to buy-now-pay-later products.

PPL can assist firms to carry out consumer credit in various ways, ensuring your regulatory health and compliance delivers good outcomes for the consumer.

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