In response to the Financial Conduct Authority (FCA) today writing to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living, Matthew Connell, director of policy and public affairs of the Chartered Insurance Institute, said: “The FCA is right to highlight the needs of vulnerable consumers at this time – while it is not in anyone’s interests to stay in an arrangement that is not going to work in the long term, the current spike in inflation may still prove to be a shorter-term issue that can be alleviated by Government intervention. Tailored support for borrowers can reduce consumer harm considerably.”