Eric Leenders
Managing Director of Personal Banking
Across the UK, households continue to grapple with rising living costs, higher interest rates and persistent inflation. In response, banks, building societies and other lenders increased efforts to provide support.
Lenders routinely provide tailored solutions to meet individual circumstances, including affordable repayment plans, temporary reductions in payments and mortgage term extensions. Importantly, lenders encourage customers to engage early, ensuring access to the widest range of support, without affecting credit scores. Banks are also taking a proactive approach, reaching out when customers show signs of strain, such as missed payments or requests for additional credit.
How to get money management help and build resilience
Beyond immediate relief, banks continue to invest in tools to help customers manage money more effectively. Budgeting calculators, benefits checkers and signposting to free, impartial debt advice services such as MoneyHelper, Citizens Advice and StepChange are part of a wider commitment to financial wellbeing. The aim is not only to resolve short-term challenges but to build resilience for the future.
Financial pressures often extend beyond borrowing. Customers struggling with household bills such as energy, water or telecoms should reach out directly to providers, many of whom offer tailored support schemes.
Customers struggling with household bills such as energy, water or telecoms should reach
out directly to providers, many of whom offer tailored support schemes.
How banks can help ease the burden of financial pressures
To ease immediate pressure, banks can waive fees or reduce interest rates on loans and credit cards. These measures provide breathing space and help prevent debts from escalating. Specialised teams are trained to recognise signs of vulnerability, whether due to mental health issues, bereavement or sudden life changes, ensuring that customers receive sensitive, personalised support.
The Financial Conduct Authority sets clear expectations for how banks should treat customers in financial difficulty. Lenders must act fairly, provide transparent information, and prioritise the customer’s best interests when offering solutions.
A collective effort to support those experiencing financial difficulty
This is a collective effort. The industry is committed to helping protect people’s homes, livelihoods and peace of mind, with help from Government, regulators and debt advice providers. Our message is clear: help is available, and no one should feel they have to face financial difficulty alone.
