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18 September, 2020 Open access

FCA issues finalised additional guidance to firms on provision of tailored support to mortgage borrowers affected by coronavirus after 31 October 2020

New guidance includes that firms should respond to the particular needs of vulnerable customers, and that people should be signposted or referred to debt advice where appropriate

The Financial Conduct Authority (FCA) has issued finalised additional guidance to firms on the provision of tailored support to mortgage borrowers affected by coronavirus after 31 October 2020.

In Mortgages and Coronavirus: Additional Guidance for Firms, the FCA advises that the new guidance supplements its June guidance for firms - that sets out the support for those newly impacted by coronavirus enabling them to request an initial or further three-month payment deferral up to and including 31 October 2020 - to support mortgage customers who continue to face financial difficulties after a payment deferral, as well as those whose financial situation may be affected by COVID-19 after 31 October 2020.

In particular, the additional guidance confirms -

Mortgages and coronavirus: additional guidance for firms - finalised guidance is available from fca.org.uk