INSIGHTS ¦ Strengthening Protections for Borrowers in Financial Difficulty: Consumer Credit and Mortgages

This is the orginal consultation paper from the FCA which evolved into PS24/2

Summary
The Financial Conduct Authority (FCA) has released Consultation Paper CP23/13, focusing on enhancing protections for borrowers experiencing financial difficulties across consumer credit and mortgage sectors. The document outlines proposals aimed at integrating aspects of the previously temporary Tailored Support Guidance (TSG) into the FCA’s permanent Handbook, refining consumer support mechanisms beyond the pandemic context.
Key Points

Integration of TSG into the FCA Handbook: The FCA proposes to incorporate relevant aspects of the TSG into the Consumer Credit (CONC) and Mortgages and Home Finance: Conduct of Business (MCOB) sourcebooks.
Enhancement of Consumer Support: The changes aim to broaden the scope of support for customers facing or at risk of payment difficulties, ensuring early intervention and comprehensive support.
Targeted Changes for Consumer Credit and Mortgages: Apart from integrati...