Many organisations and charities have reacted positively to these commitments.
Some have called for affected companies such as banks and credit providers to step up and work with the FCA to ensure a quick rollout.
Justin Basini, the CEO and co-founder of ClearScore responded to the news: “This is a welcome intervention by the FCA and I compel banks to act on this proposal urgently in order to protect the many people who have been hit financially by the coronavirus crisis.
“Payment holidays and interest-free overdrafts will provide a much-needed lifeline for the countless people who won’t see relief from government schemes for many months, as well as the likes of the self-employed who have seen their access to pre-approved credit drop by up to 87 percent.”
