Close Brothers update: ensuring the wellbeing of your customers

13 August 2020

Close Brothers have implemented key changes as a result of updated guidance from the FCA to support customers experiencing financial difficulty as a result of COVID-19. Read their update below:

Coronavirus Update

On the 24th July the FCA issued updated guidance proposing to extend the series of temporary measures in place to support customers who are experiencing financial difficulty as a result of COVID-19.  

Our approach of working with you to support customers continues to be aligned with the FCA’s guidance and we wanted to update you of the key changes:

Commercial Lines customers

Customers who have not yet received financial support

Customers who have not yet requested payment support will be able to do so at any point during the period up until 31 October 2020.  This means that the support offered could go beyond this date. 

Customers who have previously received financial support

For customers who have previously requested payment support and require additional help, please refer to a member of our team and we will consider this on a case by case basis.

Bordereau customers

Customers who have not yet received financial support

Customers who have not yet requested a payment holiday will be able to do so at any point during the period up until 31 October 2020.  This means that the payment holiday could go beyond this date. 

Customers who have previously received financial support

For customers who have previously requested a payment holiday of up to 3 months and require additional support, we propose that this is assessed on a case by case basis, considering the FCA’s guidance and ensuring that it is in the customer’s best interest to do so.  

If you do feel that offering additional support on their finance agreement is in the customer’s best interest then please contact our Broker Support Team on 0333 321 8566 who will be able to assist you with the options available to the customer.

How can my customer apply for payment support?

For customers who have been financially impacted as a result of Coronavirus, and have not yet received financial support from us, the easiest way to apply for payment support is by completing a form on our website www.closebrotherspf.com/coronavirus/customers

The majority of requests from personal lines customers will be processed automatically and for commercial lines, these will be referred to our Credit team for review. 

If the customer has already received financial support or wishes to speak to us, they can still contact our team on 0333 321 8566.

If you have any questions or concerns, please contact your Sales Manager.

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