July 31, 2020 / 9:44 AM / 14 days ago

UK watchdog says COVID-19 hit customers may need more help from banks

LONDON (Reuters) - Britain’s banks may need to consider introducing “sustainable forbearance” for customers who will continue to face difficulties with loan repayments after COVID-19 relief measures end in the autumn, the Financial Conduct Authority said on Friday.

The watchdog launched a “call for input” to see what further relief measures may be needed when repayment holidays for home loans and credit cards introduced after the pandemic lockdown, come to an end.

“The responses to this call for input will inform our assessment of what further guidance may be needed on how firms should support customers that have already been provided temporary support under our guidance,” the FCA said in a statement.

Reporting by Huw Jones; Editing by Rachel Armstrong

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