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UK Finance responds to the FCA announcement on consumer credit PDF Print E-mail
Tuesday, 01 August 2017
Eric Leenders, Head of Personal at UK Finance, said:   “Our members are committed to responsible lending and to serving better those customers who require access to credit, whether an overdraft, loan or credit card. When used sustainably consumer credit is important for economic growth, and lenders work hard to ensure the balance is right between helping customers to borrow while ensuring longer term affordability. Transparency is important and our members are constantly developing new ways to make the costs of an overdraft even clearer. If a customer is struggling with repayments they should speak to their lender straightaway.

"With the current prudential regulatory focus on rising consumer credit, it is understandable that the FCA will also want to look closely at firms' assessment of how customers can repay if economic circumstances change. We will carefully consider these reports and will continue to work with the regulator in supporting those customers who do not use credit in a way which is in their best interests.”

Background
All our members undertake a thorough risk assessment of a customer's finances whenever they apply for credit. This degree of rigour continues throughout the relationship, with ongoing monitoring of how the customer uses the credit product and how they repay.
It is never in a lender's interests to allow customers to borrow money which they will be unable to repay.
Banks have introduced a number of preventative measures to make customers aware that they might be about to go overdrawn or reach their agreed limit, and help them understand the charges that they might incur, as well as providing support and product features to help minimise any charges. These include text alerts and mobile apps, as well as product fee free buffer zones.
 

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