Q&As

On 9 April 2020, the Financial Conduct Authority confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. What are the implications of the measures?

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Produced in partnership with Russell Kelsall of Walker Morris
Published on: 16 April 2020
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On 9 April 2020, the financial conduct authority confirmed a package of targeted temporary measures to help people with some of the most commonly used consumer credit products. What are some of the industry wide issues contained in the measures?

For credit files, the customer’s file with the credit reference agencies should not be in a worse position where they have a deferral. For statutory notices and statements, firms should consider their legal obligations and continue to comply with the framework.

What temporary measures have been introduced that are common to credit cards/retail revolving credit and personal loans?

The measures put in place

Russell Kelsall
Russell Kelsall

Solicitor, Partner, Walker Morris

Russell is a Partner at Walker Morris LLP and its Head of Consumer & Motor Finance. He leads an experienced team of non-contentious and contentious lawyers specialising in consumer, motor and asset finance. He has market-leading expertise in regulated financial products with a particular specialism in consumer credit, mortgages, payment services and savings. He is often instructed to advise on sensitive regulatory issues, including interactions with the Financial Conduct Authority and the Financial Ombudsman Service. 

Russell is the author of 'Consumer Credit: Law, Practice and Precedents', an editor of 'Goode: Consumer Credit Law and Practice', 'Goode: Consumer Credit Reports', ‘Butterworths Financial Regulation Service’ (on CONC, MCOB and BCOBS), ‘Asset and Project Finance’ (on equipment leasing) and ‘Practical Lending and Security Precedents’ (on debentures). 

Industry guides describe him as an "expert in the industry who knows exactly what to do in any given situation", being "very clued-up and able to give advice in a succinct, practical way”, having an "in-depth knowledge of the Consumer Credit Act", being "very competent in the consumer finance area" and being a "shockingly clever consumer credit expert".

Russell is retained by the Finance & Leasing Association to provide training to its members and has recently (a) advised the FLA on its lobbying of HM Treasury for changes to the regulation of consumer credit (including the need for emergency legislation) and (b) been instructed by the FLA to review best practice guidance for the industry.

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Jurisdiction(s):
United Kingdom
Key definition:
Financial Conduct Authority definition
What does Financial Conduct Authority mean?

The Financial conduct authority (fca), previously known as the consumer Protection and Markets Authority (CPMA), an agency formed as one of the three successors to the unlamented Financial Services Authority. The agency will regulate financial firms providing services to consumers and maintain the integrity of the UK's financial markets.

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