UK consumer credit payment freeze to be extended for three months under FCA proposals

A payment freeze for some areas of consumer credit will be extended for a further three months under proposals revealed by the Financial Conduct Authority today (June 19). The new proposals extend the date when a three-month payment freeze could be requested to the end of October 2020 and allow those currently experiencing difficulties to delay payments for a further three months when their current arrangements end. This could mean lenders providing forbearance to some customers until February 2021. FCA proposals outline the support lenders would be expected to provide credit card, store card and catalogue credit customers along with personal loan recipients, including cutting payments to "an affordable level". The guidance does not apply to other consumer credit products, such as motor finance, high-cost short-term credit, rent-to-own, pawnbroking and buy-now pay-later, which are covered by separate guidance that will be published in the coming days.

UK consumer credit payment freeze to be extended for three months under FCA proposals

Jun 19, 2020

A payment freeze for some areas of consumer credit will be extended for a further three months under proposals revealed by the Financial Conduct Authority today (June 19). The new proposals extend the date when a three-month payment freeze could be requested to the end of October 2020 and allow those currently experiencing difficulties to delay payments for a further three months when their current arrangements end. This could mean lenders providing forbearance to some customers until February 2021. FCA proposals outline the support lenders would be expected to provide credit card, store card and catalogue credit customers along with personal loan recipients, including cutting payments to "an affordable level". The guidance does not apply to other consumer credit products, such as motor finance, high-cost short-term credit, rent-to-own, pawnbroking and buy-now pay-later, which are covered by separate guidance that will be published in the coming days.

Term Funding Scheme launch could support bank and non-bank asset finance

Over the past fortnight or so, there has been a great deal of press coverage and asset finance industry debate over the efficacy of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) that is administered by the British Business Bank. At a time when a sizeable minority of Britain’s 5.9 million small businesses are struggling to survive, only a few thousand firms appear to have obtained CBILS support. There has been comparatively little attention on another lending support option that may prove more relevant to many asset finance providers (banks directly and non-banks indirectly) and is opening for drawings tomorrow (Wednesday, April 15).

Term Funding Scheme launch could support bank and non-bank asset finance

Apr 14, 2020

Over the past fortnight or so, there has been a great deal of press coverage and asset finance industry debate over the efficacy of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) that is administered by the British Business Bank. At a time when a sizeable minority of Britain’s 5.9 million small businesses are struggling to survive, only a few thousand firms appear to have obtained CBILS support. There has been comparatively little attention on another lending support option that may prove more relevant to many asset finance providers (banks directly and non-banks indirectly) and is opening for drawings tomorrow (Wednesday, April 15).

UK Budget 2020: Short-term stimulus, long-term uncertainty

UK Chancellor of the Exchequer Rishi Sunak unveiled his first annual Budget statement on March 11. This brought a number of moves designed to ease the economic effect of the Coronavirus shock for UK businesses and consumers in the months ahead, together with some permanent tax changes and some less clear indications of government plans for later years.

UK Budget 2020: Short-term stimulus, long-term uncertainty

Mar 13, 2020

UK Chancellor of the Exchequer Rishi Sunak unveiled his first annual Budget statement on March 11. This brought a number of moves designed to ease the economic effect of the Coronavirus shock for UK businesses and consumers in the months ahead, together with some permanent tax changes and some less clear indications of government plans for later years.

Lease accounting

LeaseAccelerator study identifies disclosure challenges of ASC 842

Jan 24, 2020

Lease accounting software provider LeaseAccelerator has published a new report looking at the key challenge faced by US companies as they implement ASC 842. It has analysed comment letters received by the Securities and Exchange Commission in 2019 to identify common issues as the new standard was adopted. Many companies had to organise and migrate hundreds or even thousands of leases onto new accounting software with new controls, processes and procedures. Many of the SEC comments were requests for additional details on a company’s analysis, assumptions, judgments and supporting documentation.

BREXIT

Negotiators struggle to build bridges as Brexit looms

Nov 10, 2017

While business leaders in the UK and Europe have stressed the importance of a smooth Brexit transition to protect the economies of both sides, there are signs that negotiators are struggling to find common ground on key issues. As the Brexit deadline of March 28, 2019 approaches, this special report looks in detail at progress from both sides of the negotiating table.

General legal and regulatory

Thousands more UK companies affected by Senior Managers and Certification Regime

Dec 09, 2019

The UK’s Senior Managers and Certification Regime (SM&CR) is being extended this week to tens of thousands of companies across the financial sector. Three years after the initial introduction of accountability rules for banks and insurers, from today asset managers, independent financial advisers and hedge fund managers will be subject to significant fines it is established they failed to take reasonable steps to prevent wrongdoing. The SM&CR already applies to UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA.