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UK Financial Conduct Authority launches measures to support motor finance customers.

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Auto Business News-April 27, 2020--UK Financial Conduct Authority launches measures to support motor finance customers

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Auto Business News - 27 April 2020

The Financial Conduct Authority in the United Kingdom has launched a package of measures to support motor finance customers during COVID-19.

The temporary measures include a three-month payment freeze for motor finance customers that are having temporary difficulties meeting finance or leasing payments due to coronavirus. Companies should not alter Personal Contract Purchase or Personal Contract Hire contracts in a way that is unfair. The companies should work with the customer to find an appropriate solution if a customer wishes to keep their vehicle at the end of their PCP agreement, but does not have the cash to cover the balloon payment due to coronavirus-related payment difficulties. The organisation also added that firms and consumers should...

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