LONDON, June 16 (Reuters) - Britain's Financial Conduct Authority said on Thursday it was writing to more than 3,500 lenders to demand greater support of consumers struggling with soaring costs of living.
The watchdog, which is responsible for supervising the activities of large banks as well as smaller money-lenders, said it was concerned that some vulnerable customers were not receiving the guidance or advice they needed to navigate challenges in managing their finances, against a backdrop of high inflation and fuel insecurity.
The regulator said it wanted to remind banks they should provide support to struggling borrowers tailored to their specific circumstances and only charge fees which are fair and that cover firm's costs.
More serious failings were found at more than 30 firms, largely in consumer credit sector, the FCA said, adding that it expects these firms to make improvements in how customers are treated. (Reporting By Sinead Cruise, editing by Karin Strohecker)