FCA Guidance on High-cost Short-term Credit - Which? response

Which? commends the FCA for proposing further measures to support those consumers financially affected by coronavirus, and for the pace at which the FCA has acted across a range of issues in recent months.

We are pleased that these proposals are cohesive, clear and broadly consistent with those for other credit products, which will minimise the risk of confusion and unfairness among consumers who hold products with multiple providers.

Whilst the proposals add several further protections for consumers, we are concerned that certain provisions could lead to consumers not accessing the support they need.