A very important focus of Eurofinas' advocacy work since last year has been how the consumer credit sector can work together to assist economic recovery across Europe.
An unprecedented global crisis
Throughout the COVID-19 pandemic, consumer lenders have stood by their consumers, ensuring the continuation of activities under the challenging conditions brought on by the pandemic, supporting the functioning of the European economy, and ensuring the well-being of consumers across Europe.
Committed to the principle of responsible lending, the Eurofinas membership has been working to ensure the best possible outcome for borrowers, treating their customers fairly and with respect. The industry has sought to minimize the negative impact of the pandemic on consumers through both voluntary individual measures and contributing to broader combined efforts such as the Commission’s best practice recommendations. These were the result of two high-level roundtables hosted by Commissioner Dombrovski with financial services industry representatives (including Eurofinas), consumer and business representatives, as well as the European Commission. By providing timely and relevant support to consumers facing difficulties, the vast majority have been able to swiftly return their finances to a more normalised situation.