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UK lenders must learn lessons from poor customer practice in pandemic, UK FCA says

( November 3, 2022, 10:08 GMT | Official Statement) -- MLex Summary: UK lenders have been told to learn lessons on the way they treat customers, after the Financial Conduct Authority found significant shortcomings during the pandemic. The FCA said in a report published today that 32 out of 65 firms it assessed have been asked to make “material and significant” changes to their processes, which will be vital as the UK continues to face a cost-of-living crisis. The regulator found that few banks look sufficiently at a customer’s specific circumstances, and found examples of poor outcomes due to unreasonable barriers for customers. Seven of those 32 firms have agreed to pay 12 million pounds ($13.8 million) in compensation to nearly 60,000 customers.Statement follows. Report attached....

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