The FCA has today published an update on mortgages, consumer credit, banking and payments during coronavirus.
The main points can be summarised as follows:
- repossessions under mortgages cannot be undertaken without exceptional circumstances before 1 April 2021;
- consumer credit repossessions can take place after 31 January 2021 but this should be used as a last resort;
- consumers continue to have the option to apply for a payment holiday up until 31 March 2021; and
- the FCA will shortly open a consultation on increasing the contactless limit to £100.