Credit, Collections & Insolvency News
Almost one year on from the UK’s first national lockdown, UK Finance has outlined key statistics on the impact of the banking and finance industry’s support for businesses and customers across the country over the last twelve months.
2.75 million mortgage payment holidays were granted up until the end of 2020, with 1.8 million in place at the peak in June 2020, whilst 1.18 million credit card payment deferrals have been issued over the past year.
828,000 personal loan payment holidays have been issued, with 82,000 still in place early this month.
Nearly 17 million vulnerable customers were proactively contacted by their bank and offered additional support, and almost one million customers were given support to become ‘digitally enabled’.
UK Finance says that the industry has also worked hard to tackle coronavirus-related fraud, with staff working in bank, building society, and post office branches having stopped £45.3 million of fraud through the Banking Protocol in 2020. Whilst the industry-sponsored police unit the Dedicated Card and Payment Crime Unit (DCPCU) prevented nearly £20 million of fraud during 2020.
David Postings, Chief Executive of UK Finance, said “Businesses and individuals across the country have shown great resilience over the past year as we all deal with this unprecedented situation. Helping get the UK through these tough times has been at the heart of our work over the past year, and will continue.”
“Working together with our members, the government, regulators and others, I am proud of what the banking and finance industry has delivered. As we look to the months ahead, we will continue to provide support for customers as we move on from the effects of the pandemic.”
