24th March 2020

EY comments on FCA mortgage and SME loan guidance relating to COVID-19

John Liver, UK Financial Services Partner at EY, comments on the Financial Conduct Authority)FCA’s guidance to mortgage providers and lenders on the Coronavirus Business Interruption Loan Scheme:
“Today’s guidance from the regulator further supporting the industry as it mobilises measures to help customers in this challenging time is very positive to see. It will go some way to alleviate concerns from small business owners and individuals around fees that would normally be incurred for non-payment, and help to direct those in need to the funds now available. As an immediate action, banks and lenders need to adapt their systems and processes where necessary and train staff-who are also no doubt adapting to new ways of working themselves-to make sure they are continuing to provide clear information and support to customers, and that they do not inadvertently fall foul of these expectations from the regulator.”