ABOUT: The FCA's BiFD project aims to support borrowers in financial difficulty, especially due to the pandemic, by ensuring firms provide appropriate assistance and adhere to set guidelines.
LINK: Borrowers in Financial Difficulty Project - FCA
Summary
The Financial Conduct Authority (FCA) in the UK launched the Borrowers in Financial Difficulty (BiFD) project in March 2021 to assist borrowers facing financial challenges, particularly due to the COVID-19 pandemic. This initiative focuses on monitoring and guiding firms to ensure they offer adequate support to customers in need. The project encompasses a range of retail lending products and involves regular surveys, in-depth firm analysis, and consumer research. The FCA emphasizes the importance of firms providing tailored support, recognizing vulnerable customers, and maintaining effective training and quality assurance practices. The article details the interim findings of the project, highlighting both the progress and areas needing...
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