Is the financial watchdog doing enough to help those stuck in debt?

Struggling borrowers can say no to the repayment plans their lenders offer but, asks James Moore, will they feel able to do that?

Drowning in debt: the FCA wants credit card companies to do better by people in this situation (Shutterstock)

Britain’s banks and other credit card lenders started the new week with a yellow card. Sort of. The Financial Conduct Authority delivered to them one of its “Dear CEO” letters reminding them that they’ve been told to behave better with respect to their struggling customers and demanding they “review” their practices.

These are the sort of things that said CEOs find about as welcome as three separate burglar alarms going off near where they live during the early hours of a Monday morning, particularly with results season looming.

But the warning was timely nonetheless.