FCA Urges Lenders To Help With Inflation Surge

By Dawood Fakhir (June 16, 2022, 2:29 PM BST) -- Britain's financial regulator on Thursday urged banks and credit firms in the country to provide the right support to consumers amid the cost-of-living crisis, as the poorest households are expected to face average annual inflation rates of up to 14%.

The Financial Conduct Authority reminded more than 3,500 lenders in a "Dear CEO" letter of the standards it expects them to meet as more borrowers struggling with payments will require help going into the autumn.

The letter was based on the findings of the FCA's research since the early stages of the COVID-19 pandemic that included four surveys of over 400...

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