CII response to FCA telling lenders to support struggling consumers
Publication date:
16 June 2022
Last updated:
25 February 2025
Author(s):
Chartered Insurance Institute
In response to the Financial Conduct Authority (FCA) today writing to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living, Matthew Connell, director of policy and public affairs of the Chartered Insurance Institute, said: “The FCA is right to highlight the needs of vulnerable consumers at this time – while it is not in anyone’s interests to stay in an arrangement that is not going to work in the long term, the current spike in inflation may still prove to be a shorter-term issue that can be alleviated by Government intervention. Tailored support for borrowers can reduce consumer harm considerably.”
Tailored support for borrowers can reduce consumer harm considerably.”
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.