Coronavirus: Credit card payments to be frozen for three months

The financial regulator has announced plans to freeze loan and credit card payments for up to three months as part of emergency measures for consumers impacted by the coronavirus outbreak.

The measures, which would usually require a lengthy consultation, could come into force as soon as 9 April. The Financial Conduct Authority said the process was being fast-tracked “given the national emergency and the significant impact on consumers’ finances right now”.

The proposals include a temporary freeze on loan and credit card payments for consumers who are facing financial difficulties as a result of the outbreak.

The FCA said consumers who were at risk of having their credit cards suspended because of the regulator’s new affordability rules would not lose access to their accounts.