Karen Kirkwood, head of tax at EY in the South West, comments on this morning’s announcement from the FCA proposing temporary financial relief for customers impacted by coronavirus:

“This morning’s proposed relief package from the regulator will do just that; provide relief to scores of people now relying on credit cards to pull through in this time of financial downturn without fear of mounting interest bills. The package crystallises formally into regulation some of the good practices that leading firms have already been putting in place to support the fight and protect those who have temporarily lost some or all of their income. Customer requests and queries will now likely start to flood in, putting pressure on credit providers to rapidly operationalise processes to support the measures. This will add to already stretched helplines and customer service centres, and but since the start, the industry has shown that it is part of the financial solution to this crisis, and is anticipated to back this regulatory package to support customers.”