Financial IT – How the Consumer Credit Industry Can Tackle the Issue of Forbearance

Legislation for the wider financial services sector is ever-changing, with the transformations over the past decade being driven by rapidly advancing technological and social landscapes.

Notably, the Financial Conduct Authority (FCA) has recently introduced new Consumer Duty regulations that have far-reaching implications for consumer credit firms, especially in relation to loan forbearance – a vital aspect of helping borrowers facing financial difficulties. The FCA has made it clear through direct interactions with firms that the issue of forbearance is a critical area of focus and substantial ongoing regulatory changes are to be expected.

So, what exactly do these new regulations entail, and how can firms navigate this evolving landscape effectively?

Read the details here.

By The Armalytix Team — 14 September 23

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