Gareth Shaw, Head of Money at Which?, said:
“While the FCA has announced support for some credit and overdraft customers who will struggle financially after the current support period ends, the regulator has wound down vital protections like payment deferrals too soon.
“Many people could face a perfect storm of financial pressures amid widespread job losses when the furlough scheme ends. The impact of resuming normal credit reference agency reporting could also have long-term consequences for those who risk a black mark on their credit file if they seek financial help.
“The regulator and industry must treat all consumers fairly – ensuring the right financial support is still provided to those who need it, as well as consumers who may face financial problems for the first time after October 31st. Lenders must also be clear with customers about how any arrangements will be marked on their credit file.”