UK banks must be more flexible to help struggling borrowers, says City watchdog

Payday loans

FCA calls for payment holidays and waiving interest charges for customers hit hardest by cost of living crisis

The City watchdog has warned UK lenders to do more to support struggling borrowers hit by the cost of living crisis, including offering payment holidays and waiving interest for some of the most at-risk customers.

In a letter to more than 3,500 lenders, including major high street banks and buy nowpay later firms, the Financial Conduct Authority (FCA) said firms needed to respond “flexibly” and offer a range of options to support customers beyond arranging how to collect missed payments.

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