Barclays, HSBC and Lloyds have become the first major banks to review overdraft charges, as it aims to help customers struggling financially through the coronavirus crisis. Barclays will waive overdraft charges for a fixed period while Lloyds Banking Group and HSBC are increasing fee-free overdraft buffers to £300. Barclays account holders will have any interest…

New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided £11.1 billion of new business in January 2020, 2% higher than in the same month in 2019. Growth was driven by the consumer finance sector which reported new business up by 4% compared with January 2019.  It was a…

The TUC has called on the government to provide urgent aid to Britain’s five million self-employed workers. A new report published today says the current measures in place for self-employed workers are “inadequate” with many facing severe hardship over the coming months. The report calls on ministers to extend the wage subsidy scheme announced on…

The spending limit for contactless card payments will be increased from £30 to £45, with a national roll-out beginning from 1st April 2020, UK Finance has announced. The decision to raise the limit was taken following consultation between the retail sector and the finance and payments industry and follows similar increases in several other European…

The latest quarterly Moneyfacts UK Credit Card Trends Treasury Report, which studies the UK personal finance market (unsecured personal loans, credit cards and overdrafts), highlights that average unsecured personal loan rates have increased, with the lower tiers particularly impacted over the last quarter. In the past quarter, tiers to have seen average rates rise include…

The Financial Conduct Authority (FCA) has published new guidance for mortgage lenders and administrators and small business lenders. This supports the announcements made by the Chancellor earlier this week. The new mortgage guidance makes clear that firms should grant customers a payment holiday for an initial period of 3 months, where they may experience payment…

The Bank of England has cut interest rates again in an emergency move as it tries to support the UK economy in the face of the coronavirus pandemic. It is the second cut in interest rates in just over a week, bringing them down to 0.1% from 0.25%. Interest rates are now at the lowest…

The government has announced a radical package of measures to protect renters and landlords affected by coronavirus. As a result, no renter in either social or private accommodation will be forced out of their home during this difficult time. Emergency legislation will be taken forward as an urgent priority so that landlords will not be…

The government has pledged to do “whatever it takes” to support a greater number of British businesses and individuals as the coronavirus outbreak causes major economic disruption. In an announcement Chancellor Rishi Sunak said government would “stand behind businesses small and large”, pledging government-backed and guaranteed loans “to get through this” as he announced the…

The Financial Conduct Authority (FCA) has published information for firms on Coronavirus (Covid-19) In a statement, The FCA said that it stands ready to take any steps necessary to ensure customers are protected and markets continue to function well. We are working closely with the Government, the Bank of England, the Payment Systems Regulator and…

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