The Financial Conduct Authority (FCA) has issued a reminder to borrowers that “help is available” from their lenders if they are having difficulties in making repayments.

The public service announcement follows the authority’s findings that those struggling with bill or credit arrangement repayments had risen by over three million since May 2022 to around 11 million.

In its efforts to help consumers, the FCA also revealed that it has reminded 3,500 lenders of how thy should be supporting borrowers in financial difficulty, telling 32 lenders to make changes to the way they treat customers in line with the authority’s expectations.

The FCA said that such efforts have led to the retention of £29 million in compensation for over 80,000 customers.

Sheldon Mills, executive director of consumers and competition at the FCA said its findings reveal the “real impact” of the cost-of-living crisis on people’s ability to keep up with their bills, noting that those in strife need not “worry alone”.

“We've told lenders that they should provide support tailored to your needs,” he said. “And, if you find yourself in debt or want to know more about how to manage your finances, free expert advice is available.”

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