UPDATE 1-Britons to receive 'stop-gap' loan relief to weather pandemic - financial regulator

(Adds quotes, detail)

By Sinead Cruise and Huw Jones

LONDON, April 2 (Reuters) - British consumers will get a
three-month freeze on loan and credit card payments to weather
the coronavirus epidemic, under plans outlined by the country's
financial regulator on Thursday.

The "stop-gap" package complements relief already announced
by the government to support mortgage-holders, furloughed staff,
renters and the self-employed. It includes pledges to slash
interest rates on arranged overdrafts up to 500 pounds to zero,
for up to three months.

The Financial Conduct Authority said it was conducting a
brief public consultation until next Monday, and the measures
would be expected to come into force by April 9. It will make a
further announcement about the measures next week.

"These measures would provide an expected minimum level of
financial support for consumers who until now have been
financially stable," FCA interim Chief Executive Christopher
Woolard said.

"Where consumers can still afford to make payments, they
should as normal, and this is likely to be in their best
long-term interest to continue to do so."

The guidance would not prevent companies from offering more
generous assistance to their customers, and some already are,
Woolard said.

The FCA, which supervises banks and credit providers across
Britain, also said consumers using any of these temporary
measures should not see their credit rating affected.

(Reporting By Sinead Cruise and Huw Jones; Editing by Pravin
Char)