The Institute for Fiscal Studies (IFS) has warned against rising poverty as a report suggests the young and low-paid will be worst affected by business shutdowns during the coronavirus crisis.The study noted that employees aged under 25 were about two and a half times as likely to work in a sector in effective lockdown because…

The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has called on the Financial Conduct Authority (FCA) to ‘close the gaps’ in its package of support for consumer credit customers affected by the Covid-19 outbreak.  The charity has welcomed the FCA’s proposals on credit cards, loans and overdrafts – but is…

Consumers are struggling to open up about their finances according to research from TopCashback.co.uk; finding a third (33 per cent) still find it awkward or difficult to talk about money. More than two-thirds (68 per cent) believe that as a nation, we are not open to talking about our finances without fear or embarrassment. Shame…

A group of nearly 80 academics, policy experts and leaders of charities, trade unions and community groups have written to Chancellor of the Exchequer, Rishi Sunak, calling on him to provide an urgent, interest-free freeze on personal debt payments for people affected by Covid-19. The letter also calls for a write-off of existing council tax and social…

Cifas, the UK’s leading fraud prevention service, is warning people working from home to be extra vigilant of fraud following a huge surge in coronavirus scams. The warning comes as Cifas sees a huge spike in online activity around coronavirus. On March 1st 2020 there were just 3,000 internet domains containing the phrase ‘coronavirus’, and…

The Financial Conduct Authority (FCA) has proposed a range of targeted temporary measures designed as a stop-gap to quickly support users of certain consumer credit products who are facing a financial impact because of the exceptional circumstances arising from coronavirus. The package is intended to complement measures already announced by the government to support mortgage…

Millions of people across Britain risk falling through gaps in the coronavirus wage subsidy plan and benefits system, according to The Resolution Foundation think tank. The think tank says Government must get Universal Credit (UC) ‘battle ready’ for the UK’s growing unemployment crisis by encouraging more people to claim, extending eligibility to more middle-income households,…

The Credit Services Association (CSA) is urging its members to review all of their current activities and treatment paths to ensure they are doing everything possible to support their customers and the wider UK community through the current Covid-19 crisis.  The CSA which represents more than 90% of the typically call-centre based firms, says that…

LegalTech business ME Group, which solves complex legal disputes using technology, has called for the government to ensure that lenders do not use the recent Bank of England interest-rate cut to boost profits at the expense of borrowers on standard variable rate (SVR) mortgages. ME Group CEO Rob Cooper said that when the Bank took…

Smart Search has announced that it has launched a dedicated anti-money laundering service (AML) for businesses adapting to remote working The company says that with the government now stating all non-essential businesses should work from home where possible and minimise the amount of time we spend around other people, experts advise there’s never been a…

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