Support to continue for credit and overdraft customers

Support to continue for credit and overdraft customers

Consumers still facing financial difficulties should still be protected after payment holidays on credit cards, personal loans and overdrafts end on October 31st says Britain’s financial watchdog. Draft guidance for lenders issued by the Financial Conduct Authority (FCA) warns banks and other lenders not to pursue customers who are still struggling once the period of …

FCA wants mortgage holidays to continue

FCA wants mortgage holidays to continue

Mortgage payment holidays should continue for those still facing financial difficulties because of the pandemic and be offered to those whose financial situation has become newly affected says the Financial Conduct Authority (FCA). The regulator has issued new guidance to lenders as thousands of borrowers are coming to the end of their current payment holidays. …

PPI claim ‘smoothing’ triple lock could save £15 billion

PPI claim ‘smoothing’ triple lock could save £15 billion

A respected pensions think tank has claimed that ‘smoothing’ the mechanism of the UK’s triple lock pension system would be better than switching to a double lock and would still save £15 million. Concern has been expressed that the effect of the coronavirus pandemic could play havoc with the current triple lock system because of …