The FCA has launched a new section on its website to give regulated firms regularly updated guidance on helping clients hit by the cost of living crisis.
The new section on the FCA website will collate published material, guidance, letters, FCA updates and news about the crisis.
The aim is to provide an online location for regulated firms to check the latest FCA guidance and information on helping challenged consumers.
With inflation above 9% and fears it could reach 15%, the FCA believes more consumers could be harmed by soaring prices and may need to cut back in other areas.
The regulator believes many consumers could struggle to cope with rising prices and will need sound advice.
Among the published support available is advice on ensuring fair treatment of SME customers, helping customers in vulnerable circumstances and dealing with the financial impact of the cost of living crisis. There is also support for customers stretched by their borrowings and debt.
The FCA says the section – headed ‘Cost of Living: Information for Firms’ – will be regularly updated with new guidance and support information as the situation evolves.
The FCA has urged people struggling with rising prices to seek help from reliable advice sources and agencies.
The web address for the new sections is: https://www.fca.org.uk/firms/cost-of-living
