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UK lenders face redress fees of GBP47 million for mistreating borrowers in difficulty

By Fiona Maxwell ( May 25, 2023, 09:40 GMT | Insight) -- The UK's Financial Conduct Authority said today that it requires 17 lenders to pay up to 47 million pounds in redress fees, for not appropriately treating customers in financial difficulty. The FCA also published a consultation proposing to make permanent policy that was previously put in place during the Covid-19 pandemic, requiring lenders to offer solutions to borrowers unable to make a payment on a loan.The UK’s financial regulator requires 17 lenders to pay 47 million pounds (around $58 million) in redress to struggling borrowers, as it announced today that it would make Covid-19 support rules permanent....

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