UK Finance has responded to reports on a call from Macmillan Cancer Research for a change in the law to ensure banks do more to support vulnerable customers – putting a legal and moral obligation on banks to negotiate solutions like mortgage holidays or revised payment plans.
UK Finance said in a statement: “Banks and other financial institutions have made great strides to support customers suffering from cancer, their carers, friends and family. The industry takes its responsibilities very seriously, looking to offer personalised help and support that responds to individuals’ circumstances sympathetically and positively.”
“The collaborative efforts of the Vulnerability Taskforce have raised standards across the industry and some larger firms have taken this further by establishing dedicated units and training specialist staff.”
“We will continue to work closely with the Financial Conduct Authority, McMillan, other charities and consumer groups as part of our commitment to improve outcomes for customers in vulnerable circumstances.”