FENCA welcomes European Commission announcement of COVID-19 Best Practices

Berlin, 14 July 2020 

As part of the ongoing commitment of the European credit servicing and credit purchasing industry to support creditors and borrowers during the current pandemic, FENCA welcomes today’s announcement by European Commission Executive Vice-President, Valdis Dombrovskis, of the Best Practices in relation to relief measures offered to consumers and businesses in the context of the COVID-19 crisis.


These Best Practices represent the outcome of the European Commission’s initiative to bring together representatives of the leading financial industry associations – including FENCA – and representatives of consumers and businesses, and to facilitate a high-level dialogue during two roundtables on best practices in May and June 2020.


Commenting on today’s announcement of the European Commission, Claus Spedtsberg, President of FENCA said:


“We would like to commend the European Commission on the success to foster a high-level agreement among all the participants of the round table. We appreciate that the resulting Best Practices outline temporary, non-binding relief measures, many of which have already been and will continue to be implemented voluntarily by many financial institutions since the beginning of the crisis to support those borrowers and debtors who have been directly affected by it. FENCA looks forward to continuing the dialogue with the Commission and all stakeholders, not only on the continuing impact of COVID-19 in the coming months, but also – and hopefully soon – on possible paths to a successful recovery”.  


The Best Practices are available here.
The European Commission’s Press Release is available here.
FENCA's Press Release is available here.