Statement regarding the FCA and BoE announcement on temporary financial relief for customers impacted by Covid – 19

The APPG welcomes the recent announcement by the FCA on the measures it has introduced to protect consumers. Ensuring that customers who had arranged overdrafts will not have their rates increased is particularly welcome. In these uncertain times, we must ensure that everyone is treated fairly and supported.

Likewise, we welcome the announcement by the Bank of England that there will be no dividend or bonus payments, and that cash should be held to help the country through this crisis. ​

The events of the last few weeks have highlighted that the financial system is not just a profit centre but is a utility that sits at the heart of our everyday lives, and it needs to have social purpose, not just profit, embedded in its structure.​

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