(Alliance Information) – UK lenders are searching for regulatory approval to loosen compensation guidelines for bank cards to assist clients cope throughout the coronavirus disaster, the Monetary Occasions reported Monday.
Based on the newspaper, banks have requested the UK Monetary Conduct Authority to waive the present regulatory requirement that clients make a minimal compensation every month. The banks expect to achieve an association to postpone bank card payments of consumers by as much as three months, it stated.
Bank card issuers will nonetheless have the ability to cost curiosity and charges throughout the cost vacation, and the whole debt would nonetheless need to be repaid by customers, the FT reported. The banks additionally plan to make sure credit score scores of consumers aren’t affected in the event that they miss funds.
The FCA declined to offer a remark to the newspaper.
By Tapan Panchal; [email protected]
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