FIN.

Regulator Covid-19 update 17 April

In addition to FCA’s consultation on further measures to help consumers who have motor finance or high cost credit products, covering motor finance, rent-to-own, BNPL and pawnbroking and HCSTC, it has also updated its statement on its expectations on financial resilience for solo-regulated firms. The guidance in respect of wind-down plans, discretionary distribution of capital and non-bank lenders is new.

The Government has extended the loan scheme for large businesses to cover all viable firms, in the Coronavirus Large Business Interruption Loans Scheme and the EU Council has noted the importance of banks continuing to lend, and has urged all banks that are not already doing so, to consider not making distributions and instead using the freed capital and available profits to extend credit.

Emma Radmore