The Financial Conduct Authority is taking steps to intervene in the cost of living crisis after finding 30 consumer credit firms failing in some areas. 

Planners are reporting some client families under financial stress as borrowing soars during the pandemic.

The Financial Conduct Authority has fined Barclays Bank UK PLC, Barclays Bank PLC and Clydesdale Financial Services Limited (Barclays) £26m for poor treatment of consumer credit customers in financial difficulties.

Four company directors and shareholders have been banned after misleading often vulnerable customers and taking fees of over £7.2m.