Credit card and overdraft rules to change this week – what has the FCA announced? | Personal Finance | Finance


The new guidance will come into force from October 2 and will be kept under review should any additional changes need to be made.

Valentine Mulholland, a Senior Policy and Propositions Manager at the Money and Pensions Service, responded to the FCA’s announcement: “The measures confirmed today will be helpful for people with credit or overdraft commitments who continue to face financial difficulty after the end of October.

“If people are still struggling with their finances at the end of payment holidays, they shouldn’t suffer in silence.

“It’s crucial they contact the firm to find out what support they can offer, and be aware they don’t have to agree to a repayment arrangement if they cannot afford it.

“Anyone who is worried about money in the wake of Covid-19 can also use the Money Navigator Tool on the Money Advice Service website to find a way forward with their finances.”

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