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FCA proposes new measures to aid customers affected by Covid-19


By Michael Griffiths

The FCA has proposed a package of temporary measures designed as a stop-gap to support users of consumer credit products facing financial difficulty resulting from the coronavirus pandemic.

The regulator will expect firms to offer a temporary payment freeze on loans and credit cards for consumers facing financial difficulties because of Covid-19, for up to three months


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‘Alarming’ number yet to adapt financial strategy for pandemic

An “alarming” number of people are yet to adapt their financial planning strategies to the impact being caused by the coronavirus pandemic, according to the CEO of the independent financial advisory organisation, deVere Group

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Furloughed employees to continue benefiting from employer pension contributions

Furloughed employees during the coronavirus will continue to benefit from employer pension contributions of up to £75 a month

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Bluestone suspends new mortgage applications

Bluestone Mortgages has announced it will be suspending all new mortgage applications from today as part of a temporary pause in origination activities

Air Group launches coronavirus hub

Air Group has announced the launch of a new hub for advisers to provide coronavirus updates and business continuity resources

House price growth was on rise before pandemic

The annual price growth for houses in the UK was edging higher before the coronavirus pandemic struck the country, new analysis from Nationwide has revealed
Knowledge Bank adds new categories to Covid-19 live feed

Knowledge Bank has announced the addition of second charges and bridging to its Covid-19 live feed, as an increasing number of lenders adjust to the impact caused by the coronavirus pandemic

Majority of society’s ISA account holders not saving

Sixty-one per cent of savers with The Nottingham who have a tax-free ISA account have saved nothing so far this tax year, analysis from the building society revealed

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Estate agents and lettings agencies exempt from business rates

Estate agents and lettings agencies that have closed as a result of measures to restrict the spread of the coronavirus will be now be exempted from business rates in 2020-21, the Treasury confirmed

Key points of Budget were ‘changes we didn’t see’

While Rishi Sunak's Budget focused on the response to the coronavirus outbreak and the implications on both a health and finance basis, financial expert, Old Mill, has suggested the key points of the Budget were “the changes that we didn’t see”

CGT receipts set to quadruple by 2024

The Government will collect four times more cash from Capital Gains Tax (CGT) in 2023/24 than it did in 2013/14, according to predictions made after Wednesday’s Budget

CIOT welcomes Govt’s MTD for VAT evaluation

The Chartered Institute of Taxation (CIOT) has welcomed the announcement in yesterday’s Budget that the Government will publish an evaluation of the introduction of Making Tax Digital (MTD) for VAT

Conveyancing Association sets out new measures

Members of the Conveyancing Association (CA) have set out several measures for member firms to adopt during the coronavirus crisis

Regulators urge savers to stay calm during pandemic

Financial regulators are urging UK savers to stay calm and not rush to make any decisions about their pensions in response to the coronavirus pandemic

FSCS provides update on LCF claims

The Financial Services Compensation Scheme (FSCS) has reassured customers of London Capital and Finance (LCF) it is doing “everything it can” to reach a point where it can assess claims as efficiently and effectively as possible

UK Finance warns of ‘smishing’ text scams

UK Finance has issued a warning for consumers to be on the lookout for “smishing” text message scams from criminals exploiting the coronavirus outbreak

‘Alarming’ number yet to adapt financial strategy for pandemic

An “alarming” number of people are yet to adapt their financial planning strategies to the impact being caused by the coronavirus pandemic, according to the CEO of the independent financial advisory organisation, deVere Group

FCA proposes new measures to aid customers affected by Covid-19

The FCA has proposed a package of temporary measures designed as a stop-gap to support users of consumer credit products facing financial difficulty resulting from the coronavirus pandemic. The regulator will expect firms to offer a temporary payment freeze on loans and credit cards for consumers facing financial difficulties because of Covid-19, for up to three months

Majority of society’s ISA account holders not saving

Sixty-one per cent of savers with The Nottingham who have a tax-free ISA account have saved nothing so far this tax year, analysis from the building society revealed

Average Cash ISA to earn £12 interest over next year

The average Cash ISA from the UK’s top ten banks will earn just £12 in interest over the next year, new analysis from RateSetter has revealed

Furloughed employees to continue benefiting from employer pension contributions

Furloughed employees during the coronavirus will continue to benefit from employer pension contributions of up to £75 a month

Govt change to reduce lifetime pension income by 21%

A government change to the way the Retail Prices Index (RPI) is calculated is set to result in a fall of up to 21% the value of payments made to members of pension schemes and annuity holders, according to new research published by the Pensions Policy Institute (PPI)

Govt confirms Covid-19 scheme includes auto-enrolment pensions

The Government has confirmed that grants to pay the wages of workers who are “furloughed” during the coronavirus pandemic will also cover employer auto-enrolment pension contributions

FCA delays changes to DB pension transfer rules

The FCA has revealed that changes to rules around Defined Benefit (DB) pension transfers have been delayed by up to six months

Savers invest £1.4bn in retail funds in February

UK savers invested £1.4bn in retail funds during February, according to new figures published by the Investment Association (IA)

F4B and Grosvenor Funding secure BTL deal

First 4 Bridging (F4B) and Grosvenor Funding have combined to secure a bridging loan in four days, allowing a borrower to complete a first charge buy-to-let (BTL) investment property purchase that was under threat due to Covid-19 implications

LendInvest completes securitisation of BTL mortgages

LendInvest announced it has completed its second securitisation of buy-to-let (BTL) mortgages in an oversubscribed RMBS transaction, Mortimer BTL 2020-1

deVere Group launches free remote financial advice service

deVere Group has launched a new contactless advice service with immediate effect, offering free financial advice to anyone in the world remotely

MCI Club adds AML checks to eKeeper Lite CRM

The MCI Club has extended the free eKeeper Lite CRM to perform anti-money laundering (AML) checks and obtain consumer credit reports, powered by Experian

UK businesses abandoning banking services

Thirty-eight per cent of UK businesses have deliberately abandoned an application for banking services in the last year due to ‘slow due diligence processes,’ according to new research from Encompass Corporation

PSL launches new digital self-service portal

Phoebus Software Limited (PSL) has launched a new digital self-service portal that allows lenders’ customers to self-serve on their accounts

FS Tech Task Force launches free CRM system

Members of the Financial Services Tech Task Force initiative have come together to fund a free CRM system for brokers to use during the coronavirus pandemic

Air Group launches coronavirus hub

Air Group has announced the launch of a new hub for advisers to provide coronavirus updates and business continuity resources

Gatehouse Bank reduces maximum FTV

Gatehouse Bank has announced it is reducing its maximum finance to value (FTV) on its buy-to-let (BTL) and home purchase plan products to 65%

Mortgage Awards moved to October

The Mortgage Awards will now take place on Thursday 22 October at the Waldorf Hilton, London

Landbay launches new application process

Landbay has announced the launch of a new application process with the introduction of an instant Decision in Principle (DiP), as well as a refresh to its product range

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Since 2012, when the Equality Act came into force, it has been against the law in the UK for businesses to discriminate against people in the provision of goods and services on the basis of age. Which is as much to say, in most circumstances, companies cannot refuse to provide a certain service to someone because they are elderly, or charge them more because of their advanced years.

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